Edgar Filing: ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND INC

AllianceBernstein Global High Income Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07732

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND, INC.

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: March 31, 2019

Date of reporting period: September 30, 2018

ITEM 1. REPORTS TO STOCKHOLDERS.

SEP ^09.30.18

LOGO

SEMI-ANNUAL REPORT

ALLIANCEBERNSTEIN

GLOBAL HIGH INCOME FUND

(NYSE: AWF)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year. The Fund’s portfolio holdings reports are available on the Commission’s website at www.sec.gov. The Fund’s portfolio holdings reports may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.


FROM THE PRESIDENT

Dear Shareholder,

We are pleased to provide this report for AllianceBernstein Global High Income Fund (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

As always, AB strives to keep clients ahead of what’s next by:

⁺

Transforming uncommon insights into uncommon knowledge with a global research scope

⁺

Navigating markets with seasoned investment experience and sophisticated solutions

⁺

Providing thoughtful investment insights and actionable ideas

Whether you’re an individual investor or a multi-billion-dollar institution, we put knowledge and experience to work for you.

AB’s global research organization connects and collaborates across platforms and teams to deliver impactful insights and innovative products. Better insights lead to better opportunities—anywhere in the world.

For additional information about AB’s range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in the AB Mutual Funds.

Sincerely,

LOGO

Robert M. Keith

President and Chief Executive Officer, AB Mutual Funds


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SEMI-ANNUAL REPORT

November 12, 2018

This report provides management’s discussion of fund performance for AllianceBernstein Global High Income Fund for the semi-annual reporting period ended September 30, 2018. The Fund is a closed-end fund and its shares of common stock trade on the New York Stock Exchange.

The Fund seeks high current income, and secondarily, capital appreciation.

RETURNS AS OF SEPTEMBER 30, 2018 (unaudited)


	6 Months		12 Months
ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND (NAV)		1.36%		1.08%
Primary Benchmark: Bloomberg Barclays Global High Yield Index (USD hedged)		1.08%		1.06%
Blended Benchmark: 33% JPM GBI-EM / 33% JPM EMBI Global / 33% Bloomberg Barclays US Corporate HY 2% Issuer Capped Index		-4.16%		-3.22%

The Fund’s market price per share on September 30, 2018 was $11.65. The Fund’s NAV per share on September 30, 2018 was $13.26. For additional financial highlights, please see pages 120-121.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its primary benchmark, the Bloomberg Barclays Global High Yield Index (USD hedged), as well as its blended benchmark for the six- and 12-month periods ended September 30, 2018. The blended benchmark is composed of equal weightings of the JPMorgan Government Bond Index-Emerging Markets (“JPM GBI-EM”, local currency-denominated), the JPMorgan Emerging Markets Bond Index Global (“JPM EMBI Global”) and the Bloomberg Barclays US Corporate High Yield (“HY”) 2% Issuer Capped Index.

During the six-month period, the Fund outperformed its primary and blended benchmarks. Sector selection contributed relative to the primary benchmark, helped by underweight positions in emerging-market sovereign and corporate bonds, as well as the Fund’s positioning in developed-market high-yield corporates. Security selections within US commercial mortgage-backed securities (“CMBS”) also added to performance. Currency investments detracted, the result of long positions in the Argentine peso, Russian ruble and Indian rupee. A beneficial short position in the Taiwan dollar offset some of these losses. Country allocation was negative, primarily because of an off-benchmark exposure to Brazil, and yield-curve positioning detracted as well.

During the 12-month period, the Fund outperformed its primary and blended benchmarks. Sector allocation contributed to performance, helped


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by exposures to US agency risk-sharing transactions and Mexican inflation-linked securities, as well as an underweight in emerging-market sovereigns. Security decisions were also positive because of selections within US high-yield corporates and CMBS. Country allocation added to returns, helped most by an off-benchmark exposure to Mexico. Currency investments detracted primarily because of detrimental long positions in the Argentine peso, Indian rupee and South Korean won. Yield-curve positioning was also negative due to positioning along the UK yield curve.

During both periods, the Fund utilized Treasury futures and interest rate swaps to manage duration, country exposure and yield-curve positioning. Currency forwards and currency options, both written and purchased, were used to hedge currency exposure as well as to manage active currency risk. Currency and exchange-traded fund swaptions, both written and purchased, were used to hedge and take active risk in an effort to add alpha (a measure of how the Fund is performing on a risk-adjusted basis versus its benchmark). Credit default swaps, both single name and index, were used to hedge credit risk and to take active credit risk. Variance swaps were used to take active risk in an effort to add alpha by capturing risk premiums that are similar to high-yield exposure elsewhere in the Fund. Total return swaps were used to create synthetic high-yield exposure in the Fund. The Fund’s utilization of leverage contributed to absolute returns for both periods.

MARKET REVIEW AND INVESTMENT STRATEGY

Fixed-income markets had mixed performance during the six-month period, as volatility spiked in the latter part of the period on tighter monetary policy and the onset of a global trade war. Global high yield outperformed the flat returns of developed-market treasuries, while investment-grade securities ended the period lower. Emerging-market debt sectors generally sold off, coming under pressure from a stronger US dollar, global trade war, a hawkish US Federal Reserve (the “Fed”) and political stress in several emerging-market countries. The Fed raised interest rates twice in the period and began to formally reduce its balance sheet, as widely expected, but in June signaled more rate increases than previously expected for the rest of this year. Meanwhile, the European Central Bank started to scale back asset purchases, but updated forward guidance to say that it would not change its policy rate until summer 2019 at the earliest.

Significant volatility shook a broad swath of capital markets. US yields rose dramatically, with the 10-year Treasury yield moving above the psychologically important 3% level, driven by higher inflation forecasts and expectations for continued rate increases from the Fed. An upsurge in geopolitical uncertainty, including governmental turmoil in Italy, triggered a search for quality. The US administration announced tariffs on imports from China, the European Union, Mexico and Canada, all of which reciprocated with tariffs on the US, triggering a global trade war.


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The Fund’s Senior Investment Management Team (the “Team”) seeks to generate high current income and, secondarily, capital appreciation. The Fund is a globally diversified portfolio that takes full advantage of the Team’s best research ideas by pursuing high-income opportunities across all fixed-income sectors. The Fund invests primarily (and without limit) in corporate debt securities from US and non-US issuers, as well as government bonds from both developing and developed countries, including the US. Under normal market conditions, the Fund invests substantially in lower-rated bonds, but may also invest in investment-grade and unrated debt securities.

INVESTMENT POLICIES

The Fund invests without limit in securities denominated in non-US currencies as well as those denominated in the US dollar. The Fund may also invest, without limit, in sovereign debt securities issued by emerging and developed nations and in debt securities of US and non-US corporate issuers. For more information regarding the Fund’s risks, please see “Disclosures and Risks” on pages 5-7 and “Note E—Risks Involved in Investing in the Fund” of the Notes to Financial Statements on pages 114-117.


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DISCLOSURES AND RISKS

AllianceBernstein Global High Income Fund

Shareholder Information

Weekly comparative net asset value (“NAV”) and market price information about the Fund is published each Saturday in Barron’s and in other newspapers in a table called “Closed End Funds”. Daily NAV and market price information, and additional information regarding the Fund, is available at www.abfunds.com and www.nyse.com. For additional shareholder information regarding this Fund, please see pages 122-123.

Benchmark Disclosure

All indices are unmanaged and do not reflect fees and expenses associated with the active management of a fund portfolio. The Bloomberg Barclays Global High Yield Index (USD hedged) represents non-investment grade fixed-income securities of companies in the US, and developed and emerging markets, hedged to the US dollar. The JPM^® GBI-EM represents the performance of local currency government bonds issued by emerging markets. The JPM EMBI Global (market-capitalization weighted) represents the performance of US dollar-denominated Brady bonds, Eurobonds and trade loans issued by sovereign and quasi-sovereign entities. The Bloomberg Barclays US Corporate HY 2% Issuer Capped Index is the 2% Issuer Capped component of the US Corporate High Yield Index, which represents the performance of fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million and at least one year to maturity. An investor cannot invest directly in an index, and its results are not indicative of the performance of any specific investment, including the Fund.

A Word About Risk

Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations.

Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security. The degree of risk for a particular security


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DISCLOSURES AND RISKS (continued)

may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Below Investment-Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest-rate sensitivity, negative perceptions of the junk bond market generally and less secondary market liquidity.

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater if the Fund invests a significant portion of its assets in fixed-income securities with longer maturities.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Emerging-Market Risk: Investments in emerging-market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Leverage Risk: As a result of the Fund’s use of leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund’s investments.

Diversification Risk: The Fund may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers and that adverse changes in the value of one security could have a more significant effect on the Fund’s NAV.

Derivatives Risk: Investments in derivatives may be illiquid, difficult to price and leveraged so that small changes may produce disproportionate losses for the Fund, and may be subject to counterparty risk to a greater degree than more traditional investments.


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DISCLOSURES AND RISKS (continued)

Management Risk: The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. The Fund may invest in mortgage-backed and/or other asset-backed securities, including securities backed by mortgages and assets with an international or emerging-markets origination and securities backed by non-performing loans at the time of investment. Investments in mortgage-backed and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that, in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by nongovernmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

These risks are fully discussed in the Fund’s prospectus. As with all investments, you may lose money by investing in the Fund.

An Important Note About Historical Performance

The performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. All fees and expenses related to the operation of the Fund have been deducted. Performance assumes reinvestment of distributions and does not account for taxes.


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PORTFOLIO SUMMARY

September 30, 2018 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,143.8

LOGO

All data are as of September 30, 2018. The Fund’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” security type weightings represent 0.5% or less in the following security types: Collateralized Loan Obligations, Governments–Sovereign Bonds, Inflation-Linked Securities, Local Governments–Regional Bonds, Options Purchased–Calls, Options Purchased–Puts, Preferred Stocks, Quasi-Sovereigns, Rights, Warrants and Whole Loan Trusts.


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PORTFOLIO SUMMARY (continued)

September 30, 2018 (unaudited)

LOGO

All data are as of September 30, 2018. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.7% or less in the following countries: Angola, Australia, Bahrain, Cameroon, Cayman Islands, Chile, China, Colombia, Costa Rica, Denmark, Ecuador, Egypt, El Salvador, Finland, Gabon, Germany, Ghana, Guatemala, Honduras, India, Indonesia, Iraq, Israel, Ivory Coast, Jamaica, Jersey (Channel Islands), Jordan, Kazakhstan, Kenya, Lebanon, Macau, Malaysia, Mongolia, Nigeria, Norway, Peru, Russia, Senegal, South Africa, Spain, Sri Lanka, Sweden, Trinidad & Tobago, Turkey, Ukraine, United Arab Emirates, Uruguay, Venezuela and Zambia.


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PORTFOLIO OF INVESTMENTS

September 30, 2018 (unaudited)


		Principal Amount (000)		U.S. $ Value

CORPORATES – NON-INVESTMENT GRADE – 42.7%
Industrial – 33.7%
Basic – 3.8%
AK Steel Corp. 7.00%, 3/15/27^(a)	U.S.$		1,164	$	1,124,559
7.625%, 10/01/21			278		283,560
Alcoa Nederland Holding BV 6.125%, 5/15/28^(b)			289		297,889
Ashland LLC 4.75%, 8/15/22			501		505,479
Axalta Coating Systems LLC 4.875%, 8/15/24^(b)			516		506,196
Berry Global, Inc. 5.50%, 5/15/22			409		415,391
CF Industries, Inc. 4.95%, 6/01/43			595		526,768
5.375%, 3/15/44			545		507,164
Cleveland-Cliffs, Inc. 5.75%, 3/01/25^(a)			1,628		1,583,411
Constellium NV 5.75%, 5/15/24^(b)			400		397,437
5.875%, 2/15/26^(b)			1,310		1,279,007
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 2/01/26^(b)			815		781,420
Eldorado Gold Corp. 6.125%, 12/15/20^(b)			1,056		1,003,217
ERP Iron Ore, LLC 9.039%, 12/31/19^(c)(d)(e)(f)			336		336,499
FMG Resources (August 2006) Pty Ltd. 5.125%, 3/15/23^(b)			119		116,923
Freeport-McMoRan, Inc. 5.45%, 3/15/43			3,414		3,114,893
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, 12/15/23^(b)			1,075		1,118,205
Hexion, Inc. 6.625%, 4/15/20			119		112,100
Joseph T Ryerson & Son, Inc. 11.00%, 5/15/22^(b)			3,215		3,504,797
Kraton Polymers LLC/Kraton Polymers Capital Corp. 5.25%, 5/15/26^(b)	EUR		846		1,006,200
Lecta SA 6.50%, 8/01/23^(b)			227		271,973


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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Magnetation LLC/Mag Finance Corp. 11.00%, 5/15/18^(c)(g)(h)(i)	U.S.$		2,857	$	29
Momentive Performance Materials, Inc. 3.88%, 10/24/21			2,604		2,813,718
8.875%, 10/15/20^(c)(d)(i)(j)			2,604		– 0	–
Multi-Color Corp. 4.875%, 11/01/25^(b)			980		916,469
New Gold, Inc. 6.25%, 11/15/22^(b)			286		249,733
Novelis Corp. 5.875%, 9/30/26^(b)			1,573		1,538,504
Nufarm Australia Ltd./Nufarm Americas, Inc. 5.75%, 4/30/26^(b)			489		463,083
OCI NV 5.00%, 4/15/23^(b)	EUR		1,300		1,590,684
6.625%, 4/15/23^(b)	U.S.$		840		871,401
Pactiv LLC 7.95%, 12/15/25			1,110		1,191,636
Peabody Energy Corp. 6.00%, 3/31/22^(b)			295		299,941
6.375%, 3/31/25^(b)			400		406,865
Plastipak Holdings, Inc. 6.25%, 10/15/25^(b)			1,922		1,756,231
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.125%, 7/15/23^(b)			781		776,307
Sealed Air Corp. 6.875%, 7/15/33^(b)			1,295		1,395,215
SIG Combibloc Holdings SCA 7.75%, 2/15/23^(b)	EUR		682		822,520
Smurfit Kappa Treasury Funding DAC 7.50%, 11/20/25	U.S.$		238		280,259
SPCM SA 4.875%, 9/15/25^(b)			975		928,722
Starfruit Finco BV/Starfruit US Holdco LLC 6.50%, 10/01/26	EUR		1,010		1,184,035
8.00%, 10/01/26^(b)	U.S.$		515		522,725
Teck Resources Ltd. 5.20%, 3/01/42			2,374		2,191,050
5.40%, 2/01/43			1,454		1,371,302
6.00%, 8/15/40			470		479,432
6.25%, 7/15/41			238		249,883
United States Steel Corp. 6.25%, 3/15/26			295		292,811
6.875%, 8/15/25			894		915,159
Valvoline, Inc. 5.50%, 7/15/24			278		278,473


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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

W.R. Grace & Co.-Conn 5.625%, 10/01/24^(b)	U.S.$		386	$	406,160

					42,985,435


Capital Goods – 1.7%
Arconic, Inc. 5.90%, 2/01/27			119		121,181
ARD Finance SA 6.625% (6.625% Cash or 7.375% PIK), 9/15/23^(f)	EUR		1,126		1,346,606
7.125% (7.125% Cash or 7.875% PIK), 9/15/23^(f)	U.S.$		200		202,075
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 6.00%, 2/15/25^(b)			200		196,368
6.75%, 5/15/24^(b)	EUR		2,004		2,521,393
B456 Systems, Inc. 3.75%, 4/15/16^{(c)(e)(h)(i)(k)}	U.S.$		955		66,850
BBA US Holdings, Inc. 5.375%, 5/01/26^(b)			402		403,447
Bombardier, Inc. 5.75%, 3/15/22^(b)			975		979,875
6.00%, 10/15/22^(b)			261		261,728
6.125%, 1/15/23^(b)			738		742,181
7.50%, 3/15/25^(b)			1,789		1,849,219
BWAY Holding Co. 4.75%, 4/15/24^(b)	EUR		890		1,059,873
5.50%, 4/15/24^(b)	U.S.$		1,073		1,055,431
7.25%, 4/15/25^(b)			784		765,433
Cleaver-Brooks, Inc. 7.875%, 3/01/23^(b)			505		516,943
Gates Global LLC/Gates Global Co. 6.00%, 7/15/22^(b)			352		354,653
GFL Environmental, Inc. 5.375%, 3/01/23^(b)			103		97,169
5.625%, 5/01/22^(b)			403		390,104
Hulk Finance Corp. 7.00%, 6/01/26^(b)			688		664,358
Jeld-Wen, Inc. 4.625%, 12/15/25^(b)			128		118,086
4.875%, 12/15/27^(b)			182		166,078
Liberty Tire Recycling LLC 9.50%, 1/15/23^(c)(d)(g)			559		559,251
Stevens Holding Co., Inc. 6.125%, 10/01/26^(b)			141		143,339


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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Textron Financial Corp. 4.049% (LIBOR 3 Month + 1.74%), 2/15/42^(b)(l)	U.S.$		575	$	502,158
TransDigm, Inc. 6.375%, 6/15/26			2,335		2,357,771
6.50%, 7/15/24			1,572		1,612,763
Waste Pro USA, Inc. 5.50%, 2/15/26^(b)			762		743,316

					19,797,649


Communications - Media – 4.4%
Altice Financing SA 6.625%, 2/15/23^(b)			2,892		2,914,049
7.50%, 5/15/26^(b)			1,782		1,732,227
Altice France SA/France 5.625%, 5/15/24^(b)	EUR		386		468,408
6.25%, 5/15/24^(b)	U.S.$		400		394,785
7.375%, 5/01/26^(b)			2,923		2,918,385
8.125%, 2/01/27^(b)			665		683,287
Altice Luxembourg SA 7.25%, 5/15/22^(a)(b)	EUR		1,332		1,541,918
7.75%, 5/15/22^(a)(b)	U.S.$		1,770		1,716,551
Altice US Finance I Corp. 5.50%, 5/15/26^(b)			200		200,048
CCO Holdings LLC/CCO Holdings Capital Corp. 5.00%, 2/01/28^(b)			119		111,579
5.125%, 5/01/27^(b)			160		151,883
5.375%, 5/01/25^(b)			128		127,071
5.75%, 1/15/24			166		168,729
5.75%, 2/15/26^(b)			400		401,008
5.875%, 5/01/27^(b)			499		494,490
Cequel Communications Holdings I LLC/Cequel Capital Corp. 7.50%, 4/01/28^(b)			1,857		1,947,375
7.75%, 7/15/25^(b)			861		915,072
Clear Channel Worldwide Holdings, Inc. Series A 6.50%, 11/15/22			555		565,446
Series B 6.50%, 11/15/22			2,654		2,704,944
CSC Holdings LLC 5.375%, 2/01/28^(b)			1,502		1,430,200
6.625%, 10/15/25^(b)			274		288,728
10.875%, 10/15/25^(b)			765		889,646
DISH DBS Corp. 5.00%, 3/15/23			884		801,244


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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

5.875%, 11/15/24	U.S.$		2,345	$	2,104,267
6.75%, 6/01/21			820		837,283
Gray Television, Inc. 5.125%, 10/15/24^(b)			1,037		1,006,068
iHeartCommunications, Inc. 6.875%, 6/15/18^(c)(e)(h)(i)			2,016		465,355
9.00%, 12/15/19^(i)(m)			927		703,447
10.625%, 3/15/23^(i)(m)			142		106,599
11.25%, 3/01/21^(i)(m)			535		401,943
11.25%, 3/01/21^(b)(i)(m)			254		173,827
Liberty Interactive LLC 3.75%, 2/15/30^(k)			879		602,314
Meredith Corp. 6.875%, 2/01/26^(b)			1,627		1,666,883
Netflix, Inc. 4.375%, 11/15/26			1,552		1,455,684
4.875%, 4/15/28^(b)			1,221		1,146,518
Outfront Media Capital LLC/Outfront Media Capital Corp. 5.25%, 2/15/22			648		656,611
Radiate Holdco LLC/Radiate Finance, Inc. 6.625%, 2/15/25^(b)			1,057		989,789
6.875%, 2/15/23^(b)			451		433,851
Sinclair Television Group, Inc. 6.125%, 10/01/22			1,487		1,516,869
Sirius XM Radio, Inc. 5.00%, 8/01/27^(b)			119		114,430
TEGNA, Inc. 5.50%, 9/15/24^(b)			162		163,919
6.375%, 10/15/23			718		740,437
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.00%, 1/15/25^(b)			1,078		1,097,163
6.25%, 1/15/29^(b)	EUR		446		584,271
UPC Holding BV 5.50%, 1/15/28^(b)	U.S.$		2,223		2,104,825
UPCB Finance IV Ltd. 5.375%, 1/15/25^(b)			200		199,653
Urban One, Inc. 7.375%, 4/15/22^(b)			1,400		1,386,000
Virgin Media Finance PLC 5.25%, 2/15/22			559		555,645
Virgin Media Receivables Financing Notes I DAC 5.50%, 9/15/24^(b)	GBP		128		167,252
Virgin Media Secured Finance PLC 5.25%, 1/15/26^(b)	U.S.$		200		195,632


14 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

5.50%, 1/15/25^(b)	GBP		423	$	565,283
Ziggo Bond Co. BV 7.125%, 5/15/24^(b)	EUR		968		1,201,467
Ziggo Bond Finance BV 5.875%, 1/15/25^(b)	U.S.$		1,034		968,553
6.00%, 1/15/27^(b)			815		744,186
Ziggo BV 5.50%, 1/15/27^(b)			1,363		1,274,927

					49,898,024


Communications - Telecommunications – 2.8%
Arqiva Broadcast Finance PLC 9.50%, 3/31/20^(b)	GBP		1,086		1,449,110
C&W Senior Financing DAC 6.875%, 9/15/27^(b)	U.S.$		1,047		1,047,668
CB T-Mobile USA, Inc. 6.00%, 3/01/23^(c)(i)			743		– 0	–
6.375%, 3/01/25^(c)(i)			655		– 0	–
CenturyLink, Inc. Series T 5.80%, 3/15/22			119		121,053
Cincinnati Bell, Inc. 7.00%, 7/15/24^(b)			1,151		1,058,173
DKT Finance ApS 7.00%, 6/17/23^(b)	EUR		989		1,227,492
Embarq Corp. 7.995%, 6/01/36	U.S.$		1,513		1,511,313
Frontier Communications Corp. 6.875%, 1/15/25			45		27,511
7.125%, 1/15/23			662		470,469
7.625%, 4/15/24			1,118		720,186
7.875%, 1/15/27			834		491,016
Hughes Satellite Systems Corp. 6.625%, 8/01/26			784		759,799
7.625%, 6/15/21			1,437		1,552,256
Intelsat Jackson Holdings SA 5.50%, 8/01/23			1,675		1,545,397
8.00%, 2/15/24^(b)			216		227,340
9.50%, 9/30/22^(b)			516		599,686
9.75%, 7/15/25^(b)			1,262		1,338,398
Level 3 Financing, Inc. 5.25%, 3/15/26			205		201,915
5.375%, 8/15/22-1/15/24			1,278		1,282,623
6.125%, 1/15/21			596		599,167
Level 3 Parent LLC 5.75%, 12/01/22			160		161,701


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 15

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Qwest Corp. 6.875%, 9/15/33	U.S.$		1,335	$	1,326,034
Sable International Finance Ltd. 6.875%, 8/01/22^(b)			454		473,873
Sprint Capital Corp. 6.875%, 11/15/28			1,875		1,883,616
8.75%, 3/15/32			215		241,705
Sprint Corp. 7.875%, 9/15/23			707		760,820
T-Mobile USA, Inc. 4.75%, 2/01/28			119		111,864
6.00%, 3/01/23			743		764,971
6.375%, 3/01/25			655		682,219
Telecom Italia Capital SA 7.20%, 7/18/36			483		505,190
7.721%, 6/04/38			1,759		1,881,069
Telecom Italia SpA/Milano 5.303%, 5/30/24^(b)			1,002		975,787
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC 6.00%, 4/15/23^(b)			1,113		1,087,106
Wind Tre SpA 5.00%, 1/20/26^(b)			2,265		1,966,897
Windstream Services LLC/Windstream Finance Corp. 9.00%, 6/30/25^(b)			1,372		1,059,657
Zayo Group LLC/Zayo Capital, Inc. 5.75%, 1/15/27^(b)			300		299,862
6.00%, 4/01/23			488		503,255
6.375%, 5/15/25			1,187		1,232,257

					32,148,455


Consumer Cyclical - Automotive – 1.7%
Adient Global Holdings Ltd. 4.875%, 8/15/26^(b)			1,523		1,356,554
American Axle & Manufacturing, Inc. 6.25%, 4/01/25^(a)			1,040		1,036,698
BCD Acquisition, Inc. 9.625%, 9/15/23^(b)			2,264		2,419,824
Cooper-Standard Automotive, Inc. 5.625%, 11/15/26^(b)			670		657,565
Dana Financing Luxembourg SARL 5.75%, 4/15/25^(b)			215		212,312
6.50%, 6/01/26^(b)			602		614,699
Exide Technologies 7.00%, 4/30/25^(c)(f)(g)(k)			4,728		3,026,180
11.00%, 4/30/22^(c)(f)(g)			4,299		3,847,982


16 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Goodyear Tire & Rubber Co. (The) 5.00%, 5/31/26	U.S.$		119	$	111,984
7.00%, 3/15/28			400		420,004
IHO Verwaltungs GmbH 4.125% (4.125% Cash or 4.875% PIK), 9/15/21^(b)(f)			889		882,140
Meritor, Inc. 6.25%, 2/15/24			305		310,835
Navistar International Corp. 6.625%, 11/01/25^(b)			1,126		1,171,230
Tenneco, Inc. 5.00%, 7/15/26			2,174		1,933,395
Tesla, Inc. 5.30%, 8/15/25^(b)			665		562,698
Titan International, Inc. 6.50%, 11/30/23			1,093		1,059,369

					19,623,469


Consumer Cyclical - Entertainment – 0.4%
AMC Entertainment Holdings, Inc. 5.875%, 11/15/26			1,580		1,511,753
Silversea Cruise Finance Ltd. 7.25%, 2/01/25^(b)			1,409		1,533,919
VOC Escrow Ltd. 5.00%, 2/15/28^(b)			1,076		1,035,717

					4,081,389


Consumer Cyclical - Other – 2.5%
Beazer Homes USA, Inc. 5.875%, 10/15/27			705		599,427
6.75%, 3/15/25			1,400		1,298,783
8.75%, 3/15/22			99		104,660
Caesars Entertainment Corp. 5.00%, 10/01/24^(c)(k)			121		196,738
Cooperativa Muratori & Cementisti-CMC di Ravenna SC 6.00%, 2/15/23^(b)	EUR		276		176,358
Diamond Resorts International, Inc. 7.75%, 9/01/23^(a)(b)	U.S.$		1,206		1,236,044
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/25^(b)			1,969		1,979,542
International Game Technology PLC 6.25%, 2/15/22^(b)			977		1,011,855


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 17

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

James Hardie International Finance DAC 4.75%, 1/15/25^(b)	U.S.$		285	$	275,736
5.00%, 1/15/28^(b)			273		257,575
K. Hovnanian Enterprises, Inc. 5.00%, 11/01/21			2,257		2,016,345
10.00%, 7/15/22^(b)			389		387,542
10.50%, 7/15/24^(b)			389		374,122
KB Home 7.00%, 12/15/21			536		568,277
7.50%, 9/15/22			494		530,988
Lennar Corp. 6.625%, 5/01/20			1,332		1,385,498
LHMC Finco SARL 6.25%, 12/20/23^(b)	EUR		288		346,152
7.875%, 12/20/23^(b)	U.S.$		865		881,531
Marriott Ownership Resorts, Inc. 6.50%, 9/15/26^(b)			1,225		1,256,987
MDC Holdings, Inc. 5.50%, 1/15/24			150		150,678
6.00%, 1/15/43			2,908		2,487,230
MGM Resorts International 5.75%, 6/15/25			119		119,484
Pinnacle Entertainment, Inc. 5.625%, 5/01/24			829		875,123
PulteGroup, Inc. 5.00%, 1/15/27			115		109,043
5.50%, 3/01/26			119		118,354
6.00%, 2/15/35			500		470,923
7.875%, 6/15/32			1,400		1,505,412
Shea Homes LP/Shea Homes Funding Corp. 5.875%, 4/01/23^(b)			420		412,750
6.125%, 4/01/25^(b)			830		809,801
Standard Industries, Inc./NJ 4.75%, 1/15/28^(b)			119		109,960
6.00%, 10/15/25^(b)			977		998,983
Stars Group Holdings BV/Stars Group US Co-Borrower LLC 7.00%, 7/15/26^(b)			1,015		1,047,074
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 5/15/25^(b)			1,785		1,684,999
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. 5.875%, 4/15/23^(b)			875		881,563
Toll Brothers Finance Corp. 4.875%, 3/15/27			1,124		1,074,529


18 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 5/15/27^(b)	U.S.$		119	$	110,294
5.50%, 3/01/25^(b)			785		759,293

					28,609,653


Consumer Cyclical - Restaurants – 0.2%
Golden Nugget, Inc. 6.75%, 10/15/24^(b)			933		946,273
8.75%, 10/01/25^(b)			784		820,859
IRB Holding Corp. 6.75%, 2/15/26^(b)			453		443,997

					2,211,129


Consumer Cyclical - Retailers – 0.9%
Dufry Finance SCA 4.50%, 8/01/23^(b)	EUR		1,208		1,452,524
FirstCash, Inc. 5.375%, 6/01/24^(b)	U.S.$		1,312		1,316,934
JC Penney Corp., Inc. 6.375%, 10/15/36			421		182,389
7.40%, 4/01/37			486		196,934
L Brands, Inc. 5.25%, 2/01/28			1,416		1,219,697
7.60%, 7/15/37			1,000		810,030
Levi Strauss & Co. 5.00%, 5/01/25			1,150		1,146,312
Neiman Marcus Group Ltd. LLC 8.00%, 10/15/21^(b)			2,115		1,391,378
8.75% (8.75% Cash or 9.50% PIK), 10/15/21^(b)(f)			424		279,691
PetSmart, Inc. 7.125%, 3/15/23^(b)			1,140		817,950
Sonic Automotive, Inc. 5.00%, 5/15/23			534		502,039
6.125%, 3/15/27			817		767,343

					10,083,221


Consumer Non-Cyclical – 3.2%
Air Medical Group Holdings, Inc. 6.375%, 5/15/23^(b)			820		738,144
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC 5.75%, 3/15/25			1,058		952,181
6.625%, 6/15/24^(a)			1,712		1,646,590


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 19

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Avantor, Inc. 9.00%, 10/01/25^(b)	U.S.$		665	$	687,166
Aveta, Inc. 10.50%, 3/01/21^(c)(d)(g)(i)			13,116		– 0	–
Bausch Health Cos., Inc. 5.50%, 3/01/23^(b)			1,014		975,936
5.625%, 12/01/21^(b)			1,172		1,169,517
5.875%, 5/15/23^(b)			1,146		1,114,485
Catalent Pharma Solutions, Inc. 4.75%, 12/15/24^(b)	EUR		400		489,173
4.875%, 1/15/26^(b)	U.S.$		416		400,210
Charles River Laboratories International, Inc. 5.50%, 4/01/26^(b)			242		246,404
CHS/Community Health Systems, Inc. 6.25%, 3/31/23			1,116		1,059,995
8.125%, 6/30/24^(a)(b)			635		528,455
DaVita, Inc. 5.00%, 5/01/25			1,314		1,259,586
Diamond BC BV 5.625%, 8/15/25^(a)(b)	EUR		362		393,023
Eagle Holding Co. II LLC 7.625% (7.625% Cash or 8.375% PIK), 5/15/22^(b)(f)	U.S.$		179		181,300
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 6.00%, 7/15/23^(b)			790		701,125
Endo Finance LLC 5.75%, 1/15/22^(b)			1,228		1,148,478
Endo Finance LLC/Endo Finco, Inc. 5.375%, 1/15/23^(b)			200		176,740
First Quality Finance Co., Inc. 4.625%, 5/15/21^(b)			3,247		3,243,480
Hadrian Merger Sub, Inc. 8.50%, 5/01/26^(b)			784		748,725
HCA, Inc. 4.25%, 10/15/19			1,475		1,487,816
4.50%, 2/15/27			135		132,278
5.00%, 3/15/24			400		410,049
5.25%, 6/15/26			235		241,748
5.875%, 2/15/26			180		187,484
Kinetic Concepts, Inc./KCI USA, Inc. 7.875%, 2/15/21^(b)			506		523,062
Lamb Weston Holdings, Inc. 4.625%, 11/01/24^(b)			439		429,226
Mallinckrodt International Finance SA 4.75%, 4/15/23			1,475		1,260,028


20 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 4/15/25^(b)	U.S.$		296	$	249,091
5.625%, 10/15/23^(b)			394		348,690
5.75%, 8/01/22^(b)			1,281		1,181,559
MEDNAX, Inc. 5.25%, 12/01/23^(b)			541		543,154
MPH Acquisition Holdings LLC 7.125%, 6/01/24^(b)			1,563		1,620,131
Post Holdings, Inc. 5.00%, 8/15/26^(b)			442		418,652
5.50%, 3/01/25^(b)			642		638,967
5.625%, 1/15/28^(b)			830		799,937
5.75%, 3/01/27^(b)			90		88,425
RegionalCare Hospital Partners Holdings, Inc. 8.25%, 5/01/23^(b)			119		124,991
Spectrum Brands, Inc. 4.00%, 10/01/26^(b)	EUR		530		624,002
6.125%, 12/15/24	U.S.$		361		369,824
6.625%, 11/15/22			560		574,725
Sunshine Mid BV 6.50%, 5/15/26^(b)	EUR		823		934,892
Synlab Unsecured Bondco PLC 8.25%, 7/01/23^(b)			700		866,110
Tenet Healthcare Corp.
6.00%, 10/01/20	U.S.$		95		98,095
6.75%, 6/15/23			1,973		1,966,406
7.00%, 8/01/25^(a)			119		117,505
8.125%, 4/01/22			752		792,479
Vizient, Inc. 10.375%, 3/01/24^(b)			774		847,525
Voyage Care BondCo PLC 5.875%, 5/01/23^(b)	GBP		891		1,098,817

					36,836,381

Energy – 7.4%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp. 7.875%, 12/15/24	U.S.$		1,562		1,488,644
Antero Resources Corp. 5.125%, 12/01/22			789		800,932
Berry Petroleum Co. LLC 6.375%, 9/15/22^(c)(d)(e)(i)			2,383		– 0	–
Bristow Group, Inc. 8.75%, 3/01/23^(b)			500		487,942


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 21

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Bruin E&P Partners LLC 8.875%, 8/01/23^(b)	U.S.$		1,718	$	1,776,860
California Resources Corp. 5.50%, 9/15/21			299		275,409
8.00%, 12/15/22^(b)			3,925		3,748,100
Carrizo Oil & Gas, Inc. 6.25%, 4/15/23			642		657,440
7.50%, 9/15/20			54		54,142
8.25%, 7/15/25			301		325,051
Cheniere Corpus Christi Holdings LLC 7.00%, 6/30/24			783		858,512
Cheniere Energy Partners LP 5.25%, 10/01/25			1,055		1,057,501
Chesapeake Energy Corp. 4.875%, 4/15/22			1,528		1,486,446
5.75%, 3/15/23			610		594,886
6.125%, 2/15/21			335		343,697
8.00%, 1/15/25-6/15/27			766		785,794
Covey Park Energy LLC/Covey Park Finance Corp. 7.50%, 5/15/25^(b)			1,015		1,030,822
Denbury Resources, Inc. 7.50%, 2/15/24^(b)			824		849,748
9.25%, 3/31/22^(b)			604		652,320
Diamond Offshore Drilling, Inc. 7.875%, 8/15/25			3,240		3,369,082
Energy Transfer Equity LP 4.25%, 3/15/23			2,203		2,194,062
7.50%, 10/15/20			309		330,701
Ensco PLC 4.50%, 10/01/24			290		249,369
5.20%, 3/15/25			1,066		930,173
7.75%, 2/01/26			435		430,646
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75%, 9/01/22			1,634		1,257,775
7.75%, 5/15/26^(b)			665		681,820
8.00%, 2/15/25^(b)			1,372		1,050,274
9.375%, 5/01/24^(b)			1,076		890,958
Genesis Energy LP/Genesis Energy Finance Corp. 5.625%, 6/15/24			412		389,328
6.25%, 5/15/26			1,327		1,262,298
6.50%, 10/01/25			1,146		1,114,603
6.75%, 8/01/22			173		176,504
Gulfport Energy Corp. 6.00%, 10/15/24			515		502,593


22 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

6.375%, 5/15/25^(a)	U.S.$		1,054	$	1,038,833
6.375%, 1/15/26			1,718		1,671,427
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp. 5.625%, 2/15/26^(b)			1,587		1,603,470
HighPoint Operating Corp. 7.00%, 10/15/22			534		531,180
8.75%, 6/15/25			637		671,545
Hilcorp Energy I LP/Hilcorp Finance Co. 5.00%, 12/01/24^(b)			593		578,448
5.75%, 10/01/25^(b)			1,610		1,617,372
Indigo Natural Resources LLC 6.875%, 2/15/26^(b)			1,095		1,061,410
Laredo Petroleum, Inc. 6.25%, 3/15/23			787		788,469
Murphy Oil USA, Inc. 5.625%, 5/01/27			69		68,877
6.00%, 8/15/23			716		737,484
Nabors Industries, Inc. 4.625%, 9/15/21			996		982,423
5.50%, 1/15/23			1,784		1,758,582
5.75%, 2/01/25^(b)			470		450,973
Noble Holding International Ltd. 5.25%, 3/15/42			191		138,065
6.20%, 8/01/40			276		214,274
7.75%, 1/15/24			1,746		1,731,047
7.95%, 4/01/25			375		365,946
Parkland Fuel Corp. 6.00%, 4/01/26^(b)			1,147		1,149,537
PDC Energy, Inc. 5.75%, 5/15/26			1,447		1,376,943
6.125%, 9/15/24			1,185		1,162,997
Precision Drilling Corp. 7.125%, 1/15/26^(b)			787		808,704
QEP Resources, Inc. 5.25%, 5/01/23			1,809		1,764,553
5.625%, 3/01/26			31		29,674
Range Resources Corp. 4.875%, 5/15/25^(a)			948		900,256
5.00%, 8/15/22-3/15/23			1,031		1,017,119
5.875%, 7/01/22			97		98,531
Rowan Cos., Inc. 5.40%, 12/01/42			536		399,732
7.375%, 6/15/25			1,285		1,275,071
Sanchez Energy Corp. 6.125%, 1/15/23			2,942		1,682,383
7.25%, 2/15/23^(b)			790		778,937


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 23

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

SandRidge Energy, Inc. 7.50%, 2/15/23^(c)(d)(e)(i)	U.S.$		865	$	– 0	–
8.125%, 10/15/22^(c)(d)(e)(i)			2,076		– 0	–
SemGroup Corp. 6.375%, 3/15/25			594		583,689
7.25%, 3/15/26			540		538,667
SemGroup Corp./Rose Rock Finance Corp. 5.625%, 11/15/23			438		426,471
SM Energy Co. 5.00%, 1/15/24			1,341		1,310,921
5.625%, 6/01/25^(a)			1,150		1,146,526
6.625%, 1/15/27			416		429,798
Southern Star Central Corp. 5.125%, 7/15/22^(b)			1,200		1,198,630
SRC Energy, Inc. 6.25%, 12/01/25			800		752,082
Sunoco LP/Sunoco Finance Corp. 5.50%, 2/15/26^(b)			1,355		1,308,277
5.875%, 3/15/28^(b)			1,026		988,859
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.125%, 2/01/25			215		216,614
5.875%, 4/15/26^(b)			1,050		1,082,812
Transocean Phoenix 2 Ltd. 7.75%, 10/15/24^(b)			1,034		1,093,735
Transocean, Inc. 6.80%, 3/15/38			2,225		1,925,048
7.50%, 1/15/26^(b)			791		816,494
9.00%, 7/15/23^(b)			712		776,407
Vantage Drilling International 7.125%, 4/01/23^(c)(d)(e)(i)			1,283		– 0	–
7.50%, 11/01/19^(c)(d)(e)(i)			2,176		– 0	–
10.00%, 12/31/20^(c)(g)			87		85,260
10.00%, 12/31/20^(c)(e)			105		101,850
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. 8.75%, 4/15/23^(b)			2,406		2,371,681
Weatherford International LLC 9.875%, 3/01/25^(b)			614		593,297
Weatherford International Ltd. 5.875%, 7/01/21^(k)			154		145,548
6.50%, 8/01/36			752		570,891
6.75%, 9/15/40			849		655,026
7.00%, 3/15/38			409		320,819
7.75%, 6/15/21			962		944,971
9.875%, 2/15/24			806		789,826


24 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Whiting Petroleum Corp. 1.25%, 4/01/20^(k)	U.S.$		542	$	519,806
5.75%, 3/15/21			211		216,247
6.25%, 4/01/23			483		499,976
6.625%, 1/15/26			771		801,231
WPX Energy, Inc. 5.75%, 6/01/26			528		535,799
8.25%, 8/01/23			187		213,180

					84,519,132

Other Industrial – 0.7%
Algeco Global Finance PLC 8.00%, 2/15/23^(b)			1,821		1,863,632
American Tire Distributors, Inc. 10.25%, 3/01/22^(b)			2,231		596,324
Global Partners LP/GLP Finance Corp. 6.25%, 7/15/22			2,976		2,944,755
H&E Equipment Services, Inc. 5.625%, 9/01/25			437		436,074
KAR Auction Services, Inc. 5.125%, 6/01/25^(b)			458		446,206
Laureate Education, Inc. 8.25%, 5/01/25^(b)			1,953		2,091,577

					8,378,568

Services – 1.7%
ADT Security Corp. (The) 4.125%, 6/15/23			119		113,771
Aptim Corp. 7.75%, 6/15/25^(a)(b)			927		798,849
APX Group, Inc. 7.875%, 12/01/22			3,335		3,401,060
8.75%, 12/01/20			693		693,060
Aramark Services, Inc. 5.00%, 2/01/28^(b)			686		673,282
5.125%, 1/15/24			274		277,053
Carlson Travel, Inc. 6.75%, 12/15/23^(b)			782		786,234
Carriage Services, Inc. 6.625%, 6/01/26^(b)			698		714,633
eDreams ODIGEO SA 5.50%, 9/01/23	EUR		478		557,894
Financial & Risk US Holdings, Inc. 6.25%, 5/15/26^(b)	U.S.$		337		338,231
8.25%, 11/15/26^(b)			316		314,054
Gartner, Inc. 5.125%, 4/01/25^(b)			482		484,821


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 25

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

GEO Group, Inc. (The) 5.125%, 4/01/23	U.S.$		162	$	155,478
5.875%, 1/15/22-10/15/24			670		667,525
6.00%, 4/15/26			677		649,921
Monitronics International, Inc. 9.125%, 4/01/20^(a)			958		718,756
Nielsen Finance LLC/Nielsen Finance Co. 5.00%, 4/15/22^(b)			599		583,948
Prime Security Services Borrower LLC/Prime Finance, Inc. 9.25%, 5/15/23^(b)			2,446		2,620,160
Ritchie Bros Auctioneers, Inc. 5.375%, 1/15/25^(b)			366		366,010
Sabre GLBL, Inc. 5.25%, 11/15/23^(b)			607		607,808
5.375%, 4/15/23^(b)			720		724,180
Team Health Holdings, Inc. 6.375%, 2/01/25^(a)(b)			1,645		1,443,381
Verscend Escrow Corp. 9.75%, 8/15/26^(b)			1,659		1,712,513

					19,402,622

Technology – 1.5%
Amkor Technology, Inc. 6.375%, 10/01/22			2,681		2,728,443
Banff Merger Sub, Inc. 9.75%, 9/01/26^(b)			2,496		2,536,875
Dell International LLC/EMC Corp. 7.125%, 6/15/24^(b)			251		269,209
Dell, Inc. 6.50%, 4/15/38			1,671		1,646,097
Goodman Networks, Inc. 8.00%, 5/11/22^(c)			664		448,980
Infor Software Parent LLC/Infor Software Parent, Inc. 7.125% (7.125% Cash or 7.875% PIK), 5/01/21^(b)(f)			279		282,104
Infor US, Inc. 6.50%, 5/15/22			1,286		1,302,463
IQVIA, Inc. 3.25%, 3/15/25^(b)	EUR		782		925,269
Nokia Oyj 6.625%, 5/15/39	U.S.$		527		569,896
Rackspace Hosting, Inc. 8.625%, 11/15/24^(b)			119		115,824
Solera LLC/Solera Finance, Inc. 10.50%, 3/01/24^(b)			2,005		2,194,559


26 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 2/01/23^(b)	U.S.$		624	$	605,614
10.50%, 2/01/24^(b)			2,114		1,932,739
West Corp. 8.50%, 10/15/25^(b)			784		720,853
Western Digital Corp. 4.75%, 2/15/26			1,087		1,052,880

					17,331,805

Transportation - Services – 0.8%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.50%, 4/01/23			643		640,070
Europcar Mobility Group 5.75%, 6/15/22^(b)	EUR		670		800,599
Herc Rentals, Inc. 7.75%, 6/01/24^(b)	U.S.$		1,331		1,434,224
Hertz Corp. (The) 5.50%, 10/15/24^(a)(b)			2,926		2,428,837
7.625%, 6/01/22^(b)			665		656,351
Hertz Holdings Netherlands BV 5.50%, 3/30/23	EUR		1,117		1,324,549
Loxam SAS 3.50%, 4/15/22^(b)			186		222,994
4.25%, 4/15/24^(b)			138		169,396
United Rentals North America, Inc. 5.50%, 5/15/27	U.S.$		477		472,486
5.75%, 11/15/24			1,005		1,035,218
XPO Logistics, Inc. 6.125%, 9/01/23^(b)			522		540,929

					9,725,653

					385,632,585

Financial Institutions – 7.6%
Banking – 4.5%
Allied Irish Banks PLC Series E 7.375%, 12/03/20^(b)(n)	EUR		871		1,105,250
Ally Financial, Inc. 8.00%, 11/01/31	U.S.$		2,251		2,733,118
Banco Bilbao Vizcaya Argentaria SA 5.875%, 5/24/22^(b)(n)	EUR		1,200		1,415,347
6.75%, 2/18/20^(b)(n)			800		966,027
8.875%, 4/14/21^(b)(n)			1,000		1,298,925
Banco Santander SA 6.25%, 3/12/19-9/11/21^(b)(n)			1,200		1,434,297
6.75%, 4/25/22^(b)(n)			900		1,126,188


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 27

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Bank of Ireland 7.375%, 6/18/20^(b)(n)	EUR		1,455	$	1,827,508
Barclays Bank PLC 6.86%, 6/15/32^(b)(n)	U.S.$		166		180,341
Barclays PLC 7.25%, 3/15/23^(b)(n)	GBP		219		294,859
7.75%, 9/15/23⁽ⁿ⁾	U.S.$		420		422,285
8.00%, 12/15/20⁽ⁿ⁾	EUR		1,732		2,214,968
CIT Group, Inc. 6.125%, 3/09/28	U.S.$		588		614,937
Citigroup, Inc. 5.95%, 1/30/23⁽ⁿ⁾			2,689		2,745,006
Citizens Financial Group, Inc. Series B 6.00%, 7/06/23⁽ⁿ⁾			970		987,334
Credit Agricole SA 7.589%, 1/30/20^(b)(n)	GBP		1,000		1,383,686
8.125%, 12/23/25^(b)(n)	U.S.$		1,909		2,098,246
Credit Suisse Group AG 6.25%, 12/18/24^(b)(n)			1,404		1,386,447
7.50%, 12/11/23^(b)(n)			3,043		3,225,580
Danske Bank A/S 6.125%, 3/28/24^(b)(n)			265		243,891
Series E 5.875%, 4/06/22^(b)(n)	EUR		1,096		1,295,411
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/22⁽ⁿ⁾	U.S.$		1,599		1,514,522
ING Groep NV 6.50%, 4/16/25⁽ⁿ⁾			520		503,100
6.875%, 4/16/22^(b)(n)			250		253,896
Intesa Sanpaolo SpA 3.928%, 9/15/26^(b)	EUR		227		263,851
5.017%, 6/26/24^(b)	U.S.$		331		299,946
5.71%, 1/15/26^(b)			1,232		1,122,559
Lloyds Banking Group PLC 6.413%, 10/01/35^(b)(n)			235		237,997
6.657%, 5/21/37^(b)(n)			98		100,029
7.625%, 6/27/23^(b)(n)	GBP		1,760		2,481,086
Royal Bank of Scotland Group PLC 2.011% (EURIBOR 3 Month + 2.33%), 12/31/18^(b)(l)(n)	EUR		150		167,682
8.625%, 8/15/21⁽ⁿ⁾	U.S.$		3,518		3,760,348
Series U 4.706% (LIBOR 3 Month + 2.32%), 9/30/27^(a)(l)(n)			1,100		1,035,563


28 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

SNS Bank NV Series E 11.25%, 12/31/49^(c)(e)(i)	EUR		620	$	7,825
Societe Generale SA 7.375%, 9/13/21^(b)(n)	U.S.$		1,485		1,533,262
7.875%, 12/18/23^(b)(n)			778		804,258
8.00%, 9/29/25^(b)(n)			1,124		1,183,010
Standard Chartered PLC 7.50%, 4/02/22^(b)(n)			1,269		1,301,045
7.75%, 4/02/23^(b)(n)			440		451,375
SunTrust Banks, Inc. Series H 5.125%, 12/15/27⁽ⁿ⁾			604		567,839
UBS Group Funding Switzerland AG 6.875%, 3/22/21^(b)(n)			200		206,221
7.00%, 2/19/25^(b)(n)			2,492		2,641,924
UniCredit SpA 9.25%, 6/03/22^(b)(n)	EUR		1,554		2,011,265

					51,448,254

Brokerage – 0.2%
Lehman Brothers Holdings, Inc. 6.875%, 5/02/18^(c)(e)(h)(i)	U.S.$		1,690		48,511
LPL Holdings, Inc. 5.75%, 9/15/25^(b)			1,517		1,481,134

					1,529,645

Finance – 1.4%
Compass Group Diversified Holdings LLC 8.00%, 5/01/26^(b)			1,235		1,273,539
Curo Group Holdings Corp. 8.25%, 9/01/25^(b)			2,079		2,001,724
Enova International, Inc. 8.50%, 9/01/24-9/15/25^(b)			1,700		1,703,206
goeasy Ltd. 7.875%, 11/01/22^(b)			466		485,632
ILFC E-Capital Trust II 5.03% (H15T 30 Year + 1.80%), 12/21/65^(b)(l)			2,000		1,799,740
Lincoln Finance Ltd. 6.875%, 4/15/21^(b)	EUR		1,139		1,369,415
Navient Corp. 5.50%, 1/25/23	U.S.$		2,060		2,055,165
5.875%, 3/25/21			324		332,245
6.50%, 6/15/22			406		421,502
6.625%, 7/26/21			231		240,487
6.75%, 6/15/26			665		656,221
7.25%, 1/25/22-9/25/23			899		953,077


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 29

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

8.00%, 3/25/20	U.S.$		233	$	246,106
SLM Corp. 5.125%, 4/05/22			605		601,044
Springleaf Finance Corp. 6.875%, 3/15/25			784		781,984
TMX Finance LLC/TitleMax Finance Corp. 11.125%, 4/01/23^(b)			890		890,213

					15,811,300

Insurance – 0.8%
Ambac Assurance Corp. 5.10%, 6/07/20^(b)(c)			15		19,944
ASR Nederland NV 4.625%, 10/19/27^(b)(n)	EUR		840		947,182
Galaxy Bidco Ltd. 6.375%, 11/15/20^(b)	GBP		133		172,514
Genworth Holdings, Inc. 7.625%, 9/24/21	U.S.$		1,616		1,638,464
Liberty Mutual Group, Inc. 7.80%, 3/15/37^(b)			2,559		2,986,778
Polaris Intermediate Corp. 8.50%, 12/01/22^(b)(f)			2,892		2,992,387
WellCare Health Plans, Inc. 5.375%, 8/15/26^(b)			650		662,013

					9,419,282

Other Finance – 0.5%
Intrum AB 2.75%, 7/15/22^(b)	EUR		977		1,100,070
3.125%, 7/15/24^(a)(b)			489		537,888
LHC3 PLC 4.125% (4.125% Cash or 4.875% PIK), 8/15/24^(b)(f)			239		277,811
NVA Holdings, Inc./United States 6.875%, 4/01/26^(b)	U.S.$		833		831,431
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. 6.75%, 6/01/25^(b)			2,464		2,396,191
Travelport Corporate Finance PLC 6.00%, 3/15/26^(b)			595		603,437

					5,746,828


REITS – 0.2%
Iron Mountain, Inc. 4.875%, 9/15/27^(b)			294		269,840
5.25%, 3/15/28^(b)			1,640		1,520,777


30 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

MPT Operating Partnership LP/MPT Finance Corp. 5.00%, 10/15/27	U.S.$		337	$	326,009
5.25%, 8/01/26			155		154,419
5.50%, 5/01/24			264		265,874

					2,536,919

					86,492,228

Utility – 1.4%
Electric – 1.2%
AES Corp./VA 4.875%, 5/15/23			1,013		1,020,024
Calpine Corp. 5.375%, 1/15/23			2,591		2,452,146
5.50%, 2/01/24			1,316		1,177,820
5.75%, 1/15/25			168		148,786
Clearway Energy Operating LLC 5.375%, 8/15/24			572		576,253
NRG Energy, Inc. 5.75%, 1/15/28^(b)			740		747,117
7.25%, 5/15/26			1,791		1,946,683
Talen Energy Supply LLC 4.60%, 12/15/21			3,111		2,665,085
6.50%, 6/01/25			794		601,857
10.50%, 1/15/26^(b)			809		733,470
Texas Competitive/TCEH 11.50%, 10/01/20^(c)(d)(g)(i)			626		– 0	–
Vistra Energy Corp. 7.375%, 11/01/22			802		833,272
7.625%, 11/01/24			957		1,029,627

					13,932,140

Natural Gas – 0.2%
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/23			1,947		1,951,745

					15,883,885

Total Corporates – Non-Investment Grade (cost $495,808,974)					488,008,698


COLLATERALIZED MORTGAGE OBLIGATIONS – 11.3%
Risk Share Floating Rate – 9.3%
Bellemeade Re II Ltd. Series 2016-1A, Class B1 14.216% (LIBOR 1 Month + 12.00%), 4/25/26^(g)(l)			283		288,206


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 31

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2016-1A, Class M2B 8.716% (LIBOR 1 Month + 6.50%), 4/25/26^(g)(l)	U.S.$		311	$	312,725
Bellemeade Re Ltd. Series 2015-1A, Class M2 6.516% (LIBOR 1 Month + 4.30%), 7/25/25^(g)(l)			383		386,183
Series 2018-2A, Class M1B 3.566% (LIBOR 1 Month + 1.35%), 8/25/28^(b)(l)			1,968		1,984,511
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN1, Class M2 9.366% (LIBOR 1 Month + 7.15%), 7/25/23^(l)			2,350		2,809,129
Series 2013-DN2, Class M2 6.466% (LIBOR 1 Month + 4.25%), 11/25/23^(l)			1,783		1,988,493
Series 2014-DN1, Class M3 6.716% (LIBOR 1 Month + 4.50%), 2/25/24^(l)			1,939		2,241,085
Series 2014-DN2, Class M3 5.816% (LIBOR 1 Month + 3.60%), 4/25/24^(l)			514		570,589
Series 2014-DN3, Class M3 6.216% (LIBOR 1 Month + 4.00%), 8/25/24^(l)			659		722,702
Series 2014-DN4, Class M3 6.766% (LIBOR 1 Month + 4.55%), 10/25/24^(l)			383		426,016
Series 2014-HQ1, Class M3 6.316% (LIBOR 1 Month + 4.10%), 8/25/24^(l)			1,686		1,850,738
Series 2014-HQ2, Class M3 5.966% (LIBOR 1 Month + 3.75%), 9/25/24^(l)			3,710		4,254,689
Series 2014-HQ3, Class M3 6.966% (LIBOR 1 Month + 4.75%), 10/25/24^(l)			4,352		4,828,119
Series 2015-DN1, Class B 13.716% (LIBOR 1 Month + 11.50%), 1/25/25^(l)			2,216		3,166,173
Series 2015-DN1, Class M3 6.366% (LIBOR 1 Month + 4.15%), 1/25/25^(l)			1,389		1,491,456


32 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2015-DNA1, Class B 11.416% (LIBOR 1 Month + 9.20%), 10/25/27^(l)	U.S.$		597	$	800,839
Series 2015-DNA1, Class M3 5.516% (LIBOR 1 Month + 3.30%), 10/25/27^(l)			480		537,360
Series 2015-DNA2, Class B 9.766% (LIBOR 1 Month + 7.55%), 12/25/27^(l)			1,459		1,803,836
Series 2015-DNA3, Class B 11.566% (LIBOR 1 Month + 9.35%), 4/25/28^(l)			1,028		1,338,033
Series 2015-HQ1, Class B 12.966% (LIBOR 1 Month + 10.75%), 3/25/25^(l)			3,883		5,326,583
Series 2015-HQ1, Class M3 6.016% (LIBOR 1 Month + 3.80%), 3/25/25^(l)			530		566,580
Series 2015-HQA1, Class B 11.016% (LIBOR 1 Month + 8.80%), 3/25/28^(l)			1,011		1,251,103
Series 2015-HQA1, Class M3 6.916% (LIBOR 1 Month + 4.70%), 3/25/28^(l)			1,455		1,675,936
Series 2016-DNA2, Class B 12.716% (LIBOR 1 Month + 10.50%), 10/25/28^(l)			861		1,151,274
Series 2016-DNA2, Class M3 6.866% (LIBOR 1 Month + 4.65%), 10/25/28^(l)			811		933,686
Series 2016-DNA3, Class B 13.466% (LIBOR 1 Month + 11.25%), 12/25/28^(l)			2,777		3,848,257
Series 2016-DNA3, Class M3 7.216% (LIBOR 1 Month + 5.00%), 12/25/28^(l)			1,113		1,301,725
Series 2016-DNA4, Class B 10.816% (LIBOR 1 Month + 8.60%), 3/25/29^(l)			396		476,840
Series 2016-HQA2, Class B 13.716% (LIBOR 1 Month + 11.50%), 11/25/28^(l)			423		569,521
Series 2017-DNA2, Class B1 7.366% (LIBOR 1 Month + 5.15%), 10/25/29^(l)			415		486,821


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 33

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2017-DNA2, Class M2 5.666% (LIBOR 1 Month + 3.45%), 10/25/29^(l)	U.S.$		599	$	660,623
Series 2017-DNA3, Class B1 6.666% (LIBOR 1 Month + 4.45%), 3/25/30^(l)			615		691,562
Federal National Mortgage Association Connecticut Avenue Securities Series 2013-C01, Class M2 7.466% (LIBOR 1 Month + 5.25%), 10/25/23^(l)			1,451		1,668,884
Series 2014-C01, Class M2 6.616% (LIBOR 1 Month + 4.40%), 1/25/24^(l)			3,991		4,544,802
Series 2014-C03, Class 1M2 5.216% (LIBOR 1 Month + 3.00%), 7/25/24^(l)			1,037		1,111,813
Series 2014-C04, Class 1M2 7.116% (LIBOR 1 Month + 4.90%), 11/25/24^(l)			2,664		3,050,479
Series 2015-C01, Class 1M2 6.516% (LIBOR 1 Month + 4.30%), 2/25/25^(l)			2,595		2,863,101
Series 2015-C01, Class 2M2 6.766% (LIBOR 1 Month + 4.55%), 2/25/25^(l)			1,179		1,275,550
Series 2015-C02, Class 1M2 6.216% (LIBOR 1 Month + 4.00%), 5/25/25^(l)			769		845,996
Series 2015-C02, Class 2M2 6.216% (LIBOR 1 Month + 4.00%), 5/25/25^(l)			2,127		2,290,309
Series 2015-C03, Class 1M2 7.216% (LIBOR 1 Month + 5.00%), 7/25/25^(l)			2,375		2,709,688
Series 2015-C03, Class 2M2 7.216% (LIBOR 1 Month + 5.00%), 7/25/25^(l)			2,006		2,239,480
Series 2015-C04, Class 1M2 7.916% (LIBOR 1 Month + 5.70%), 4/25/28^(l)			2,785		3,237,922
Series 2015-C04, Class 2M2 7.766% (LIBOR 1 Month + 5.55%), 4/25/28^(l)			1,009		1,146,647
Series 2016-C01, Class 1B 13.966% (LIBOR 1 Month + 11.75%), 8/25/28^(l)			683		979,825


34 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2016-C01, Class 1M2 8.966% (LIBOR 1 Month + 6.75%), 8/25/28^(l)	U.S.$		2,077	$	2,503,101
Series 2016-C01, Class 2M2 9.166% (LIBOR 1 Month + 6.95%), 8/25/28^(l)			747		883,470
Series 2016-C02, Class 1B 14.466% (LIBOR 1 Month + 12.25%), 9/25/28^(l)			449		659,838
Series 2016-C02, Class 1M2 8.216% (LIBOR 1 Month + 6.00%), 9/25/28^(l)			2,375		2,794,070
Series 2016-C03, Class 1B 13.966% (LIBOR 1 Month + 11.75%), 10/25/28^(l)			374		531,691
Series 2016-C03, Class 2B 14.966% (LIBOR 1 Month + 12.75%), 10/25/28^(l)			633		908,832
Series 2016-C03, Class 2M2 8.116% (LIBOR 1 Month + 5.90%), 10/25/28^(l)			3,707		4,296,478
Series 2016-C04, Class 1B 12.466% (LIBOR 1 Month + 10.25%), 1/25/29^(l)			1,493		1,974,997
Series 2016-C05, Class 2B 12.965% (LIBOR 1 Month + 10.75%), 1/25/29^(l)			1,820		2,427,813
Series 2016-C05, Class 2M2 6.666% (LIBOR 1 Month + 4.45%), 1/25/29^(l)			1,486		1,663,419
Series 2016-C06, Class 1B 11.466% (LIBOR 1 Month + 9.25%), 4/25/29^(l)			1,287		1,610,463
Series 2016-C07, Class 2B 11.716% (LIBOR 1 Month + 9.50%), 5/25/29^(l)			1,560		1,943,578
Series 2016-C07, Class 2M2 6.566% (LIBOR 1 Month + 4.35%), 5/25/29^(l)			918		1,026,846
Series 2017-C01, Class 1B1 7.966% (LIBOR 1 Month + 5.75%), 7/25/29^(l)			148		179,348
Series 2017-C02, Class 2M2 5.866% (LIBOR 1 Month + 3.65%), 9/25/29^(l)			1,152		1,269,015


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 35

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2018-C01, Class 1B1 5.766% (LIBOR 1 Month + 3.55%), 7/25/30^(l)	U.S.$		909	$	931,891
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 7.716% (LIBOR 1 Month + 5.50%), 10/25/25^(b)(l)			1,429		1,584,608
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 7.716% (LIBOR 1 Month + 5.50%), 11/25/25^(g)(l)			613		710,668

					106,606,015

Non-Agency Fixed Rate – 1.1%
Alternative Loan Trust Series 2006-24CB, Class A15 5.75%, 8/01/36			832		699,430
Series 2006-42, Class 1A6 6.00%, 1/25/47			703		583,738
Series 2006-HY12, Class A5 3.85%, 8/25/36			1,393		1,427,557
Series 2006-J1, Class 1A10 5.50%, 2/25/36			1,217		1,099,828
Series 2006-J5, Class 1A1 6.50%, 9/25/36			917		789,625
Series 2007-13, Class A2 6.00%, 6/25/47			1,151		971,589
Bear Stearns ARM Trust Series 2007-3, Class 1A1 3.962%, 5/25/47			216		194,423
Series 2007-4, Class 22A1 3.916%, 6/25/47			804		737,504
BNPP Mortgage Securities LLC Trust Series 2009-1, Class B1 6.00%, 8/27/37^(b)			809		644,081
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 2/25/37			558		346,765
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 3.859%, 3/25/37			163		159,789
Series 2010-3, Class 2A2 6.00%, 8/25/37^(b)			366		294,273
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 3/25/37			940		906,040


36 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value


Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 3.925%, 9/25/47	U.S.$		254	$	237,136
Credit Suisse Mortgage Trust Series 2009-8R, Class 6A2 6.00%, 1/26/38^(b)			115		91,555
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 8/25/36			354		294,232
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 9/25/35			505		481,356
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 8/25/36			199		167,322
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-9, Class A4 4.809%, 10/25/36			1,567		756,585
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 4.119%, 12/28/37			1,114		1,086,918

					11,969,746

Non-Agency Floating Rate – 0.9%
Alternative Loan Trust Series 2007-7T2, Class A3 2.816% (LIBOR 1 Month + 0.60%), 4/25/37^(l)			2,691		1,220,595
Citigroup Mortgage Loan Trust Series 2005-8, Class 2A2 2.584% (4.80% – LIBOR 1 Month), 9/25/35^(l)(o)			394		12,624
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 2.816% (LIBOR 1 Month + 0.60%), 8/25/37^(l)			541		381,511
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A6 3.334% (5.55% – LIBOR 1 Month), 4/25/37^(l)(o)			114		12,948
Series 2007-FA2, Class 1A10 2.466% (LIBOR 1 Month + 0.25%), 4/25/37^(l)			338		179,088


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 37

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Lehman XS Trust Series 2007-10H, Class 2AIO 4.896% (7.00% – LIBOR 1 Month), 7/25/37^(l)(o)	U.S.$		343	$	45,704
Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 4.334% (6.65% – LIBOR 1 Month), 12/25/36^(l)(o)			4,198		644,774
Structured Asset Mortgage Investments II Trust Series 2007-AR6, Class A1 3.345% (12MTA + 1.50%), 8/25/47^(l)			1,471		1,395,048
Wachovia Mortgage Loan Trust Series 2006-ALT1, Class A2 2.396% (LIBOR 1 Month + 0.18%), 1/25/37^(l)			9,677		6,537,039

					10,429,331

Total Collateralized Mortgage Obligations (cost $114,445,505)					129,005,092


GOVERNMENTS – TREASURIES – 10.2%
Colombia – 0.2%
Colombian TES Series B 10.00%, 7/24/24	COP		5,438,000		2,158,172


Malaysia – 0.2%
Malaysia Government Bond Series 3/04 5.734%, 7/30/19	MYR		9,297		2,290,380


Mexico – 0.4%
Mexican Bonos Series M 20 7.50%, 6/03/27	MXN		95,733		4,979,524


Russia – 0.4%
Russian Federal Bond – OFZ Series 6209 7.60%, 7/20/22	RUB		37,074		559,059
Series 6217 7.50%, 8/18/21			274,943		4,161,629

					4,720,688


38 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

United States – 8.9%
U.S. Treasury Bonds 2.75%, 11/15/42^(p)	U.S.$		2,600	$	2,405,406
4.50%, 2/15/36^(q)			2,400		2,847,375
5.00%, 5/15/37^(p)			3,500		4,428,594
5.25%, 2/15/29^(q)			5,350		6,385,727
6.125%, 11/15/27^(q)			1,900		2,363,125
6.25%, 5/15/30			7,800		10,213,125
8.125%, 5/15/21			5,250		5,940,703
U.S. Treasury Notes 0.875%, 4/15/19^(a)(q)			20,074		19,907,763
2.25%, 2/15/27^(q)			31,373		29,529,836
2.875%, 8/15/28^(q)			17,670		17,399,428

					101,421,082

Uruguay – 0.1%
Uruguay Government International Bond 8.50%, 3/15/28^(b)	UYU		23,821		619,238
9.875%, 6/20/22^(b)			18,660		552,370

					1,171,608

Total Governments – Treasuries (cost $118,547,825)					116,741,454


CORPORATES – INVESTMENT GRADE – 6.4%
Financial Institutions – 3.5%
Banking – 1.5%
ABN AMRO Bank NV Series E 6.25%, 4/27/22^(b)	U.S.$		292		311,314
Bank of America Corp. Series Z 6.50%, 10/23/24⁽ⁿ⁾			57		61,424
Series DD 6.30%, 3/10/26⁽ⁿ⁾			3,043		3,269,354
BNP Paribas SA 6.75%, 3/14/22^(b)(n)			418		424,128
7.625%, 3/30/21^(b)(n)			406		426,390
BPCE SA 5.70%, 10/22/23^(b)			208		216,858
Citigroup, Inc. 4.40%, 6/10/25			105		104,978
DNB Bank ASA 6.50%, 3/26/22^(b)(n)			1,555		1,594,032
HSBC Holdings PLC 6.00%, 9/29/23^(b)(n)	EUR		2,746		3,535,644
ICICI Bank Ltd./Dubai 4.80%, 5/22/19^(b)	U.S.$		1,337		1,346,372


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 39

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Intesa Sanpaolo SpA 2.75%, 3/20/20^(b)	EUR		482	$	574,655
4.00%, 5/20/19^(b)			470		557,889
JPMorgan Chase & Co. Series V 5.00%, 7/01/19⁽ⁿ⁾	U.S.$		210		211,657
Nationwide Building Society 4.302%, 3/08/29^(b)			1,500		1,436,397
Regions Bank/Birmingham AL 6.45%, 6/26/37			1,500		1,756,175
Santander Holdings USA, Inc. 4.40%, 7/13/27			1,090		1,041,696
Zions Bancorporation 5.65%, 11/15/23			508		507,881

					17,376,844

Insurance – 1.8%
Aegon NV 5.50%, 4/11/48			757		729,769
Allstate Corp. (The) 6.50%, 5/15/57			1,657		1,836,077
American International Group, Inc. 6.82%, 11/15/37			1,425		1,722,103
Series A-9 5.75%, 4/01/48			616		599,221
Aon Corp. 8.205%, 1/01/27			690		837,370
Assicurazioni Generali SpA Series E 5.50%, 10/27/47^(b)	EUR		1,500		1,850,423
Aviva PLC 3.875%, 7/03/44^(b)			1,590		1,947,603
Caisse Nationale de Reassurance Mutuelle Agricole Groupama 6.00%, 1/23/27			1,400		1,952,840
CNP Assurances 4.50%, 6/10/47^(b)			1,500		1,912,810
MetLife, Inc. 10.75%, 8/01/39	U.S.$		2,350		3,607,180
Prudential Financial, Inc. 5.625%, 6/15/43			1,081		1,122,614
5.875%, 9/15/42			344		364,672
SCOR SE 3.00%, 6/08/46^(b)	EUR		200		238,965
Transatlantic Holdings, Inc. 8.00%, 11/30/39	U.S.$		1,261		1,721,758

					20,443,405


40 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

REITS – 0.2%
EPR Properties 5.75%, 8/15/22	U.S.$		915	$	956,402
Senior Housing Properties Trust 6.75%, 12/15/21			1,350		1,432,982
Spirit Realty LP 4.45%, 9/15/26			193		184,771

					2,574,155

					40,394,404

Industrial – 2.9%
Basic – 0.7%
Anglo American Capital PLC 3.625%, 9/11/24^(b)			200		190,069
4.75%, 4/10/27^(b)			637		622,715
ArcelorMittal 6.75%, 3/01/41			362		412,660
7.00%, 10/15/39			978		1,138,515
Braskem Finance Ltd. 6.45%, 2/03/24			1,972		2,102,645
Fresnillo PLC 5.50%, 11/13/23^(b)			306		316,328
Georgia-Pacific LLC 8.875%, 5/15/31			1		1,449
Glencore Finance Canada Ltd. 6.00%, 11/15/41^(b)			272		282,823
Glencore Funding LLC 4.625%, 4/29/24^(b)			341		343,067
Minsur SA 6.25%, 2/07/24^(b)			891		913,003
WestRock MWV LLC 7.95%, 2/15/31			1,000		1,291,774

					7,615,048

Capital Goods – 0.3%
General Electric Co. Series D 5.00%, 1/21/21⁽ⁿ⁾			1,681		1,639,246
Lafarge SA 7.125%, 7/15/36			800		969,455
Masco Corp. 5.95%, 3/15/22			308		328,869

					2,937,570

Communications - Media – 0.1%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 7/23/25			1,195		1,214,905


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 41

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Cox Communications, Inc. 4.50%, 6/30/43^(b)	U.S.$		135	$	115,972
4.70%, 12/15/42^(b)			259		229,468

					1,560,345

Communications - Telecommunications – 0.2%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 4.738%, 3/20/25^(b)			1,340		1,341,715
5.152%, 3/20/28^(b)			1,340		1,349,769

					2,691,484

Consumer Cyclical - Automotive – 0.1%
General Motors Co. 5.20%, 4/01/45			337		305,949
5.40%, 4/01/48			431		401,383
6.25%, 10/02/43			116		118,804
6.75%, 4/01/46			456		494,373

					1,320,509

Consumer Cyclical - Other – 0.2%
GLP Capital LP/GLP Financing II, Inc. 5.375%, 4/15/26			674		684,334
5.75%, 6/01/28			67		69,079
Owens Corning 7.00%, 12/01/36			777		891,727

					1,645,140

Consumer Non-Cyclical – 0.2%
CVS Health Corp. 4.78%, 3/25/38			2,140		2,133,608


Energy – 0.4%
Cenovus Energy, Inc. 4.45%, 9/15/42			822		717,749
6.75%, 11/15/39			67		75,627
Ecopetrol SA 5.875%, 5/28/45			1,271		1,256,701
Energy Transfer Partners LP/Regency Energy Finance Corp. 4.50%, 11/01/23			546		553,787
Kinder Morgan, Inc./DE Series G 7.75%, 1/15/32			328		413,007
7.80%, 8/01/31			1,066		1,326,715

					4,343,586


42 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Other Industrial – 0.1%
Alfa SAB de CV 5.25%, 3/25/24^(b)	U.S.$		1,580	$	1,616,538


Services – 0.1%
Verisk Analytics, Inc. 5.50%, 6/15/45			636		647,738


Technology – 0.5%
Dell International LLC/EMC Corp. 6.02%, 6/15/26^(b)			1,318		1,407,728
8.35%, 7/15/46^(b)			524		652,469
Micron Technology, Inc. 5.50%, 2/01/25			686		709,138
Seagate HDD Cayman 4.75%, 1/01/25			1,948		1,869,455
4.875%, 6/01/27			1,082		1,014,357

					5,653,147

Transportation - Airlines – 0.0%
America West Airlines Pass Through Trust Series 1999-1G, Class G 7.93%, 1/02/19			187		189,523
Northwest Airlines Pass Through Trust Series 2000-1, Class G 7.15%, 10/01/19^(e)			178		178,095

					367,618

					32,532,331

Utility – 0.0%
Electric – 0.0%
DPL, Inc. 6.75%, 10/01/19			171		175,997


Total Corporates – Investment Grade (cost $67,579,408)					73,102,732


EMERGING MARKETS – SOVEREIGNS – 5.6%
Angola – 0.2%
Angolan Government International Bond 9.50%, 11/12/25^(b)			1,782		2,020,343
Republic of Angola Via Northern Lights III BV 7.00%, 8/17/19^(b)			342		344,740

					2,365,083


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 43

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Argentina – 0.5%
Argentine Republic Government International Bond 6.875%, 1/26/27	U.S.$		4,592	$	3,903,200
7.50%, 4/22/26			150		133,875
7.82%, 12/31/33	EUR		1,674		1,856,134

					5,893,209

Bahrain – 0.1%
Bahrain Government International Bond 6.75%, 9/20/29^(b)	U.S.$		528		512,820
7.00%, 10/12/28^(b)			1,253		1,246,735

					1,759,555

Brazil – 0.1%
Brazilian Government International Bond 4.625%, 1/13/28			1,830		1,676,673


Cameroon – 0.1%
Republic of Cameroon International Bond 9.50%, 11/19/25^(b)			1,222		1,286,155


Costa Rica – 0.1%
Costa Rica Government International Bond 4.37%, 5/22/19^(b)			858		853,080


Dominican Republic – 0.8%
Dominican Republic International Bond 5.95%, 1/25/27^(b)			1,553		1,581,731
7.45%, 4/30/44^(b)			1,283		1,372,810
8.625%, 4/20/27^(b)			5,719		6,505,362

					9,459,903

Ecuador – 0.1%
Ecuador Government International Bond 7.95%, 6/20/24^(b)			667		635,317
10.50%, 3/24/20^(b)			1,069		1,108,444

					1,743,761

Egypt – 0.3%
Egypt Government International Bond 6.125%, 1/31/22^(b)			3,009		3,001,478


El Salvador – 0.1%
El Salvador Government International Bond 5.875%, 1/30/25^(b)			300		279,000
7.625%, 9/21/34^(b)			762		771,525
7.75%, 1/24/23^(b)			339		353,831

					1,404,356


44 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Gabon – 0.3%
Gabon Government International Bond 6.375%, 12/12/24^(b)	U.S.$		2,052	$	1,939,531
6.95%, 6/16/25^(b)			1,050		1,002,750

					2,942,281

Ghana – 0.2%
Ghana Government International Bond 7.625%, 5/16/29^(b)			1,840		1,842,300


Honduras – 0.2%
Honduras Government International Bond 6.25%, 1/19/27^(b)			1,748		1,795,196
7.50%, 3/15/24^(b)			730		785,663

					2,580,859

Iraq – 0.1%
Iraq International Bond 5.80%, 1/15/28^(b)			264		250,140
6.752%, 3/09/23^(b)			402		402,000

					652,140

Ivory Coast – 0.5%
Ivory Coast Government International Bond 5.125%, 6/15/25^(b)	EUR		168		196,276
5.75%, 12/31/32^(b)	U.S.$		1,740		1,637,704
6.125%, 6/15/33^(b)			1,322		1,206,325
6.375%, 3/03/28^(b)			2,678		2,584,270
6.625%, 3/22/48^(b)	EUR		331		358,847

					5,983,422

Jamaica – 0.2%
Jamaica Government International Bond 7.625%, 7/09/25	U.S.$		506		579,876
7.875%, 7/28/45			1,240		1,419,800

					1,999,676

Jordan – 0.1%
Jordan Government International Bond 5.75%, 1/31/27^(b)			634		597,545


Kenya – 0.1%
Kenya Government International Bond 5.875%, 6/24/19^(b)			702		709,897
7.25%, 2/28/28^(b)			649		631,964

					1,341,861

Lebanon – 0.1%
Lebanon Government International Bond Series E 5.15%, 11/12/18^(b)			780		773,175


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 45

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Mongolia – 0.2%
Mongolia Government International Bond 5.125%, 12/05/22^(b)	U.S.$		2,426	$	2,341,090
10.875%, 4/06/21^(b)			200		226,250

					2,567,340

Nigeria – 0.1%
Nigeria Government International Bond 6.375%, 7/12/23^(b)			740		748,325
6.50%, 11/28/27^(b)			388		372,965
7.875%, 2/16/32^(b)			489		499,391

					1,620,681

Senegal – 0.1%
Senegal Government International Bond 6.25%, 5/23/33^(b)			593		550,749
8.75%, 5/13/21^(b)			310		336,350

					887,099

Sri Lanka – 0.2%
Sri Lanka Government International Bond 6.00%, 1/14/19^(b)			799		799,999
6.125%, 6/03/25^(b)			350		335,125
6.20%, 5/11/27^(b)			685		646,469

					1,781,593

Turkey – 0.0%
Turkey Government International Bond 4.875%, 4/16/43			599		436,521


Ukraine – 0.5%
Ukraine Government International Bond 7.75%, 9/01/22-9/01/24^(b)			5,627		5,522,018


Venezuela – 0.2%
Venezuela Government International Bond 9.25%, 9/15/27^(i)(m)			7,978		2,178,792
9.25%, 5/07/28^(b)(i)(m)			300		78,750

					2,257,542

Zambia – 0.1%
Zambia Government International Bond 8.50%, 4/14/24^(b)			1,475		1,047,250


Total Emerging Markets – Sovereigns (cost $68,190,612)					64,276,556


46 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

EMERGING MARKETS – TREASURIES – 4.1%
Argentina – 0.5%
Argentina POM Politica Monetaria Series POM 42.819% (ARLLMONP), 6/21/20^(l)	ARS		78,579	$	2,245,652
Argentine Bonos del Tesoro 15.50%, 10/17/26			15,834		275,870
16.00%, 10/17/23			62,663		1,239,401
18.20%, 10/03/21			110,859		2,147,898

					5,908,821

Brazil – 2.2%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/21	BRL		100,732		25,182,693


Dominican Republic – 0.3%
Dominican Republic International Bond 16.00%, 7/10/20^(g)	DOP		137,500		3,030,584


South Africa – 0.2%
Republic of South Africa Government Bond Series R186 10.50%, 12/21/26	ZAR		24,137		1,853,420
Series R204 8.00%, 12/21/18			10,750		762,491

					2,615,911

Sri Lanka – 0.5%
Sri Lanka Government Bonds 10.25%, 3/15/25	LKR		113,000		648,697
Series A 11.50%, 12/15/21-5/15/23			603,000		3,661,548
11.75%, 6/15/27			105,000		646,844

					4,957,089

Turkey – 0.4%
Turkey Government Bond 11.10%, 5/15/19	TRY		31,033		4,713,992


Total Emerging Markets – Treasuries (cost $63,408,321)					46,409,090


EMERGING MARKETS – CORPORATE BONDS – 4.0%
Industrial – 3.6%
Basic – 0.9%
ABJA Investment Co. Pte Ltd. 4.85%, 1/31/20^(b)	U.S.$		1,070		1,073,326


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 47

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Consolidated Energy Finance SA 6.875%, 6/15/25^(b)	U.S.$		949	$	985,303
Elementia SAB de CV 5.50%, 1/15/25^(b)			469		446,136
First Quantum Minerals Ltd. 6.875%, 3/01/26^(b)			582		529,686
7.00%, 2/15/21^(b)			199		196,660
7.25%, 5/15/22-4/01/23^(b)			2,444		2,360,828
7.50%, 4/01/25^(b)			261		247,225
Lundin Mining Corp. 7.875%, 11/01/22^(b)			837		872,332
Stillwater Mining Co. 6.125%, 6/27/22^(b)			1,380		1,335,564
7.125%, 6/27/25^(b)			354		340,573
Vedanta Resources PLC 6.375%, 7/30/22^(b)			2,182		2,113,813

					10,501,446

Capital Goods – 0.2%
CIMPOR Financial Operations BV 5.75%, 7/17/24^(b)			1,491		1,036,245
Odebrecht Finance Ltd. 4.375%, 4/25/25^(b)			349		111,680
5.25%, 6/27/29^(b)			1,070		337,050
7.125%, 6/26/42^(b)			2,665		899,438

					2,384,413

Communications - Telecommunications – 0.3%
Comunicaciones Celulares SA Via Comcel Trust 6.875%, 2/06/24^(b)			986		1,008,185
Digicel Group Ltd. 7.125%, 4/01/22^(b)			448		293,440
8.25%, 9/30/20^(b)			587		445,386
Digicel Ltd. 6.00%, 4/15/21^(b)			1,356		1,254,300
Millicom International Cellular SA 5.125%, 1/15/28^(b)			479		440,621
MTN Mauritius Investments Ltd. 6.50%, 10/13/26^(b)			780		764,400

					4,206,332

Consumer Cyclical - Other – 0.2%
Servicios Corporativos Javer SAB de CV 9.875%, 4/06/21^(b)			491		495,296
Studio City Co., Ltd. 5.875%, 11/30/19^(b)			737		744,319


48 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Wynn Macau Ltd. 4.875%, 10/01/24^(b)	U.S.$		286	$	269,555
5.50%, 10/01/27^(b)			747		702,329

					2,211,499

Consumer Cyclical - Retailers – 0.1%
K2016470219 South Africa Ltd. 3.00%, 12/31/22^(c)(f)(g)			977		21,974
K2016470260 South Africa Ltd. 25.00%, 12/31/22^(c)(f)(g)			300		90,148
Prime Bloom Holdings Ltd. 7.50%, 12/19/19^(b)			560		515,751

					627,873

Consumer Non-Cyclical – 0.9%
BRF GmbH 4.35%, 9/29/26^(b)			539		459,242
Central American Bottling Corp. 5.75%, 1/31/27^(b)			928		921,040
Cosan Ltd. 5.95%, 9/20/24^(b)			430		407,588
MARB BondCo PLC 6.875%, 1/19/25^(b)			1,430		1,326,535
Marfrig Holdings Europe BV 8.00%, 6/08/23^(b)			1,220		1,223,050
Minerva Luxembourg SA 5.875%, 1/19/28^(b)			200		177,002
6.50%, 9/20/26^(b)			1,098		1,028,002
Natura Cosmeticos SA 5.375%, 2/01/23^(b)			817		789,426
Rede D’or Finance SARL 4.95%, 1/17/28^(b)			576		495,358
Teva Pharmaceutical Finance Netherlands II BV 1.25%, 3/31/23^(b)	EUR		247		269,865
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23	U.S.$		375		332,751
3.15%, 10/01/26			1,123		933,494
6.00%, 4/15/24			315		319,235
6.75%, 3/01/28			315		331,608
Tonon Luxembourg SA 7.25%, 1/24/20^{(c)(f)(g)(i)(m)}			1,626		40,692
USJ Acucar e Alcool SA 9.875% (9.875% Cash or 12.00% PIK), 11/09/21^(b)(f)			604		482,046
Virgolino de Oliveira Finance SA 10.50%, 1/28/18^(c)(g)(h)(i)			4,090		247,650


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 49

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

10.875%, 1/13/20^(g)(i)(m)	U.S.$		480	$	132,330
11.75%, 2/09/22^(g)(i)(m)			1,620		81,081

					9,997,995

Energy – 0.8%
Azure Power Energy Ltd. 5.50%, 11/03/22^(b)			788		751,149
CHC Group LLC/CHC Finance Ltd. Series AI Zero Coupon, 10/01/20^(j)			2,948		2,948,211
Medco Platinum Road Pte Ltd. 6.75%, 1/30/25^(b)			860		816,011
Petrobras Global Finance BV 6.125%, 1/17/22			33		33,969
6.25%, 3/17/24			3,848		3,856,658
6.85%, 6/05/15			192		163,920
YPF SA 16.50%, 5/09/22^(b)	ARS		17,395		272,482

					8,842,400

Technology – 0.1%
IHS Netherlands Holdco BV 9.50%, 10/27/21^(b)	U.S.$		600		608,250


Transportation - Airlines – 0.0%
Guanay Finance Ltd. 6.00%, 12/15/20^(b)			330		331,851


Transportation - Services – 0.1%
Rumo Luxembourg SARL 7.375%, 2/09/24^(b)			1,678		1,707,365

					41,419,424


Financial Institutions – 0.3%
Banking – 0.3%
Akbank Turk AS 7.20%, 3/16/27^(b)			398		330,837
Fidelity Bank PLC 10.50%, 10/16/22^(b)			428		438,248
Itau Unibanco Holding SA/Cayman Island 6.125%, 12/12/22^(b)(n)			557		515,921
Turkiye Vakiflar Bankasi TAO 5.50%, 10/27/21^(b)			807		715,204
5.75%, 1/30/23^(b)			1,146		979,830

					2,980,040

Finance – 0.0%
Unifin Financiera SAB de CV SOFOM ENR 7.00%, 1/15/25^(b)			575		543,375


50 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Insurance – 0.0%
Ambac LSNI LLC 7.396% (LIBOR 3 Month + 5.00%), 2/12/23^(b)(c)(l)	U.S.$		67	$	67,332

					3,590,747


Utility – 0.1%
Electric – 0.1%
Genneia SA 8.75%, 1/20/22^(b)			753		702,172
Pampa Energia SA 7.50%, 1/24/27^(b)			353		313,288
Terraform Global Operating LLC 6.125%, 3/01/26^(b)			292		280,761

					1,296,221

Total Emerging Markets – Corporate Bonds (cost $55,090,392)					46,306,392


BANK LOANS – 3.8%
Industrial – 3.7%
Basic – 0.1%
Foresight Energy LLC 7.992% (LIBOR 1 Month + 5.75%), 3/28/22^(r)			498		497,232
Unifrax I LLC 5.886% (LIBOR 3 Month + 3.50%), 4/04/24^(r)			456		458,807

					956,039

Capital Goods – 0.5%
Accudyne Industries Borrower S.C.A. / Accudyne Industries, LLC (fka Silver II US Holdings, LLC) 5.242% (LIBOR 1 Month + 3.00%), 8/18/24^(r)			686		688,629
Apex Tool Group, LLC 5.992% (LIBOR 1 Month + 3.75%), 2/01/22^(r)			2,349		2,354,512
Brookfield WEC Holdings Inc. (fka Westinghouse Electric Company LLC) 5.992% (LIBOR 1 Month + 3.75%), 8/01/25^(r)			883		893,153
8.992% (LIBOR 1 Month + 6.75%), 8/03/26^(r)			307		312,134
Gardner Denver, Inc. 4.992% (LIBOR 1 Month + 2.75%), 7/30/24^(r)			785		788,455


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 51

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Transdigm Inc. 4.742% (LIBOR 1 Month + 2.50%), 6/09/23^(r)	U.S.$		357	$	358,474
Welbilt, Inc. (fka Manitowoc Foodservice, Inc.) 4.992% (LIBOR 1 Month + 2.75%), 3/03/23^(c)(r)			115		115,728

					5,511,085

Communications - Telecommunications – 0.1%
Intelsat Jackson Holdings S.A. 6.625%, 1/02/24			115		120,002
6.730% (LIBOR 1 Month + 4.50%), 1/02/24^(r)			69		72,145
West Corporation 6.242% (LIBOR 1 Month + 4.00%), 10/10/24^(r)			1,124		1,120,150

					1,312,297

Consumer Cyclical - Automotive – 0.0%
Navistar, Inc. 5.64% (LIBOR 1 Month + 3.50%), 11/06/24^(r)			353		354,774


Consumer Cyclical - Entertainment – 0.1%
Seaworld Parks & Entertainment, Inc. (fka SW Acquisitions Co., Inc.) 5.242% (LIBOR 1 Month + 3.00%), 4/01/24^(r)			974		971,849


Consumer Cyclical - Other – 0.2%
Caesars Resort Collection, LLC (fka Caesars Growth Properties Holdings, LLC) 4.992% (LIBOR 1 Month + 2.75%), 12/23/24^(r)			1,419		1,426,859
Scientific Games International, Inc. 4.992% (LIBOR 1 Month + 2.75%), 8/14/24^(r)			169		169,166
5.044% (LIBOR 2 Month + 2.75%), 8/14/24^(r)			710		709,165
Stars Group Holdings B.V. 5.886% (LIBOR 3 Month + 3.50%), 7/10/25^(r)			311		313,355

					2,618,545


52 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Restaurants – 0.0%
IRB Holding Corp. (fka Arby’s/Buffalo Wild Wings) 5.460% (LIBOR 2 Month + 3.25%), 2/05/25^(c)(r)	U.S.$		250	$	250,604


Consumer Cyclical - Retailers – 0.3%
Neiman Marcus Group LTD LLC 5.370% (LIBOR 1 Month + 3.25%), 10/25/20^(r)			240		222,399
Serta Simmons Bedding, LLC 10.133% (LIBOR 1 Month + 8.00%), 11/08/24^(r)			2,195		1,699,918
Specialty Building Products Holdings, LLC 9/25/25^(s)			1,188		1,191,771

					3,114,088


Consumer Non-Cyclical – 1.1%
Acadia Healthcare Company, Inc. 4.742% (LIBOR 1 Month + 2.50%), 2/11/22 - 2/16/23^(r)			548		551,656
Air Medical Group Holdings, Inc. 5.383% (LIBOR 1 Month + 3.25%), 4/28/22^(r)			1,216		1,196,293
6.415% (LIBOR 1 Month + 4.25%), 3/14/25^(r)			928		924,214
Alphabet Holding Company, Inc. (fka Nature’s Bounty) 9.992% (LIBOR 1 Month + 7.75%), 9/26/25^(r)			2,066		1,842,235
Arbor Pharmaceuticals, LLC 7.485% (LIBOR 6 Month + 5.00%), 7/05/23^(r)			1,197		1,201,991
Avantor, Inc. 6.242% (LIBOR 1 Month + 4.00%), 11/21/24^(r)			865		875,397
BI-LO, LLC 10.165% (LIBOR 1 Month + 8.00%), 5/31/24^(c)(r)			10		9,750
10.310% (LIBOR 3 Month + 8.00%), 5/31/24^(c)(r)			1,314		1,313,684
10.335% (LIBOR 3 Month + 8.00%), 5/31/24^(c)(r)			1,314		1,313,684
10.338% (LIBOR 3 Month + 8.00%), 5/31/24^(c)(r)			1,263		1,262,882


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 53

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Mallinckrodt International Finance S.A. 5.136% (LIBOR 3 Month + 2.75%), 9/24/24^(r)	U.S.$		1,002	$	996,018
Owens & Minor, Inc. 6.604% (LIBOR 1 Month + 4.50%), 5/02/25^(c)(r)			1,317		1,241,081
Vizient, Inc. 4.992% (LIBOR 1 Month + 2.75%), 2/13/23^(r)			158		158,515

					12,887,400


Energy – 0.2%
California Resources Corporation 12.617% (LIBOR 1 Month + 10.38%), 12/31/21^(r)			2,088		2,313,113


Other Industrial – 0.3%
American Tire Distributors, Inc. 6.636% (LIBOR 3 Month + 4.25%), 9/01/21^(r)			2,289		1,976,997
HD Supply Waterworks, LTD. 5.313% (LIBOR 3 Month + 3.00%), 8/01/24^(r)			106		106,506
5.321% (LIBOR 3 Month + 3.00%), 8/01/24^(r)			94		93,931
Travelport Finance (Luxembourg) S.Ã r.l. 4.814% (LIBOR 3 Month + 2.50%), 3/17/25^(r)			897		896,657

					3,074,091


Services – 0.5%
Financial & Risk US Holdings, Inc. 9/18/25^(s)			390		388,970
Monitronics International, Inc. 7.886% (LIBOR 3 Month + 5.50%), 9/30/22^(r)			993		966,483
Pi Lux Finco Sarl 9.326% (LIBOR 1 Month + 7.25%), 1/01/26^(c)(r)			3,100		3,057,375
Verscend Holding Corp. 6.742% (LIBOR 1 Month + 4.50%), 8/27/25^(r)			775		780,925

					5,193,753


Technology – 0.3%
BMC Software Finance, Inc. 9/01/25^(s)			1,000		1,009,370


54 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Solera, LLC (Solera Finance, Inc.) 4.992% (LIBOR 1 Month + 2.75%), 3/03/23^(r)	U.S.$		2,569	$	2,573,955
Veritas US Inc. 6.742% (LIBOR 1 Month + 4.50%), 1/27/23^(s)			72		70,087
6.886% (LIBOR 3 Month + 4.50%), 1/27/23^(s)			24		23,226

					3,676,638

					42,234,276

Financial Institutions – 0.1%
Insurance – 0.1%
Sedgwick Claims Management Services, Inc. 4.992% (LIBOR 1 Month + 2.75%), 3/01/21^(r)			1,028		1,028,319


Total Bank Loans (cost $43,310,411)					43,262,595


		Shares
INVESTMENT COMPANIES – 2.7%
Funds and Investment Trusts – 2.7%^(t)
iShares Core S&P Mid-Cap ETF			103,287		20,790,640
iShares JP Morgan USD Emerging Markets Bond ETF			49,000		5,282,690
iShares MSCI Emerging Markets ETF			116,984		5,020,953


Total Investment Companies (cost $31,384,382)					31,094,283


COMMON STOCKS – 2.4%
Energy – 1.4%
Energy Equipment & Services – 0.7%
Tervita Corp.^(e)(i)			1,170,571		8,074,778


Oil, Gas & Consumable Fuels – 0.7%
Berry Petroleum Corp.			167,780		2,956,284
CHC Group LLC^(i)(j)			51,655		361,585
Chesapeake Energy Corp.⁽ⁱ⁾			24,149		108,429
Denbury Resources, Inc.⁽ⁱ⁾			59,554		369,235
Golden Energy Offshore Services AS^(e)(i)			916,212		504,948
K201640219 (South Africa) Ltd. A Shares^(c)(d)(e)(i)			12,695,187		13
K201640219 (South Africa) Ltd. B Shares^(c)(d)(e)(i)			2,009,762		2
Oasis Petroleum, Inc.⁽ⁱ⁾			14,457		205,000


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 55

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Paragon Offshore Ltd. – Trust A^(c)(e)(i)		11,814	$	9,546
Paragon Offshore Ltd. – Trust B^(c)(e)(i)		17,721		686,689
Peabody Energy Corp.		12,408		442,221
Riviera Resources Inc/Linn⁽ⁱ⁾		1,450		31,102
Roan Resources, Inc.⁽ⁱ⁾		1,450		25,883
Vantage Drilling International^(c)(e)(i)		6,103		1,190,085
Whiting Petroleum Corp.⁽ⁱ⁾		8,408		445,960

				7,336,982

				15,411,760

Financials – 0.5%
Consumer Finance – 0.1%
Paysafe^(c)(d)(e)(i)		3,960		583,347


Insurance – 0.2%
Mt. Logan Re Ltd. (Preference Shares)^(c)(i)(j)		2,953		2,961,698


Real Estate – 0.2%
Calibrate Real Estate Fund^(c)(d)(e)(i)		7,364		2,340,384

				5,885,429

Consumer Discretionary – 0.2%
Auto Components – 0.0%
Exide Technologies^(d)(i)(j)		15,253		18,608
Exide Technologies^(c)(d)(i)(j)		59,185		72,206

				90,814

Automobiles – 0.1%
Liberty Tire Recycling LLC^(c)(d)(e)(i)		7,822		834,317


Diversified Consumer Services – 0.1%
Laureate Education, Inc. – Class A⁽ⁱ⁾		40,687		628,207


Hotels, Restaurants & Leisure – 0.0%
Caesars Entertainment Corp.⁽ⁱ⁾		25,004		256,291


Internet & Direct Marketing Retail – 0.0%
Travelport Worldwide Ltd.		12,740		214,924

				2,024,553

Information Technology – 0.2%
IT Services – 0.0%
Goodman Networks, Inc.^(c)(d)(e)(i)		41,792		– 0	–


Software – 0.1%
Avaya Holdings Corp.⁽ⁱ⁾		72,419		1,603,357

				1,603,357

Food & Staples Retailing – 0.1%
Southeastern Grocers, Inc. Npv^(c)(d)(e)(i)		38,084		1,447,192


56 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company		Shares		U.S. $ Value

Materials – 0.1%
Metals & Mining – 0.1%
BIS Industries Holdings Ltd.^(c)(d)(e)(i)			838,296	$	33,532
Constellium NV – Class A⁽ⁱ⁾			92,259		1,139,399
Neenah Enterprises, Inc.^(c)(d)(e)(i)			58,200		80,316

					1,253,247

Industrials – 0.0%
Building Products – 0.0%
New Cotai LLC/New Cotai Capital Corp.^(c)(d)(e)(i)			3		17,130


Construction & Engineering – 0.0%
Willscot Corp.^(d)(e)			18,809		322,574

					339,704

Total Common Stocks (cost $27,501,702)					27,965,242


		Principal Amount (000)
COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.0%
Non-Agency Fixed Rate CMBS – 1.9%
225 Liberty Street Trust Series 2016-225L, Class E 4.804%, 2/10/36^(b)(c)	U.S.$		974		923,980
CGBAM Commercial Mortgage Trust Series 2015-SMRT, Class F 3.912%, 4/10/28^(b)(c)			270		267,202
Citigroup Commercial Mortgage Trust Series 2013-GC11, Class XA 1.547%, 4/10/46^(u)			1,457		74,270
Series 2013-GC17, Class D 5.263%, 11/10/46^(b)(c)			902		872,334
Series 2014-GC23, Class D 4.664%, 7/10/47^(b)(c)			856		759,505
Commercial Mortgage Trust Series 2012-CR1, Class XA 2.048%, 5/15/45^(u)			1,782		98,584
Series 2012-CR3, Class XA 2.036%, 10/15/45^(u)			7,885		481,905
Series 2012-CR5, Class XA 1.694%, 12/10/45^(u)			1,891		100,326
Series 2013-LC6, Class D 4.406%, 1/10/46^(b)(c)			3,916		3,739,177


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 57

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2014-CR15, Class XA 1.292%, 2/10/47^(u)	U.S.$		2,219	$	71,304
Series 2014-CR20, Class XA 1.283%, 11/10/47^(u)			11,226		525,463
CSAIL Commercial Mortgage Trust Series 2015-C2, Class D 4.345%, 6/15/57^(c)			778		651,230
GS Mortgage Securities Corp. II Series 2013-GC10, Class XA 1.667%, 2/10/46^(u)			866		46,857
GS Mortgage Securities Trust Series 2012-GC6, Class D 5.84%, 1/10/45^(b)(c)			1,765		1,751,817
Series 2012-GCJ9, Class D 4.906%, 11/10/45^(b)(c)			700		688,776
JPMBB Commercial Mortgage Securities Trust Series 2015-C32, Class C 4.817%, 11/15/48^(c)			825		819,079
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class XA 1.779%, 11/15/45^(b)(u)			7,364		384,235
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class XA 1.792%, 12/10/45^(b)(u)			836		44,166
WF-RBS Commercial Mortgage Trust Series 2011-C4, Class D 5.398%, 6/15/44^(b)(c)			1,022		1,000,085
Series 2012-C6, Class D 5.769%, 4/15/45^(b)(c)			2,450		2,482,879
Series 2012-C7, Class XA 1.568%, 6/15/45^(b)(u)			1,393		54,649
Series 2012-C8, Class E 5.055%, 8/15/45^(b)(c)			3,766		3,612,315
Series 2012-C10, Class XA 1.716%, 12/15/45^(b)(u)			3,257		172,254
Series 2014-C25, Class D 3.803%, 11/15/47^(b)(c)			1,807		1,558,171

					21,180,563

Non-Agency Floating Rate CMBS – 0.1%
BBCMS Mortgage Trust Series 2017-GLKS, Class F 5.858% (LIBOR 1 Month + 3.70%), 11/15/34^(b)(c)(l)			700		709,778


58 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

CLNS Trust Series 2017-IKPR, Class F 6.631% (LIBOR 1 Month + 4.50%), 6/11/32^(b)(c)(l)	U.S.$		956	$	963,173

					1,672,951

Total Commercial Mortgage-Backed Securities (cost $22,749,182)					22,853,514


ASSET-BACKED SECURITIES – 1.6%
Other ABS - Fixed Rate – 1.2%
Atlas Ltd. Series 2014-1, Class B 6.875%, 12/15/39^(c)(d)(e)			952		894,889
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT 9.84%, 6/15/43^(b)(c)			1,274		1,273,310
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-4, Class PT 8.49%, 5/15/43^(c)(g)			1,167		1,175,666
Series 2018-12, Class PT 10.90%, 6/15/43^(b)(c)			766		764,960
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 8.67%, 3/16/43^(c)(g)			284		284,997
Marlette Funding Trust Series 2018-3A, Class C 4.63%, 9/15/28^(b)(c)			1,350		1,343,300
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 8/25/25^(c)(d)(g)			2,628		801,596
Series 2017-2, Class R Zero Coupon, 2/25/26^(c)(d)(g)			12		560,450
Series 2017-3, Class R Zero Coupon, 5/25/26^(c)(d)(g)			10		751,331
Series 2017-4, Class R1 Zero Coupon, 5/26/26^(c)(d)(g)			10		735,498
Series 2017-5, Class R1 Zero Coupon, 9/25/26^(c)(d)(g)			12		970,836
Series 2017-6, Class R1 Zero Coupon, 11/25/26^(c)(d)(g)			13		1,379,441
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 2/25/27^(c)(d)(g)			16		1,569,021


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 59

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Taco Bell Funding LLC Series 2016-1A, Class A23 4.97%, 5/25/46^(b)(c)	U.S.$		789	$	811,450

					13,316,745

Home Equity Loans - Fixed Rate – 0.3%
CSAB Mortgage-Backed Trust Series 2006-2, Class A6A 5.72%, 9/25/36^(c)			724		408,661
CWABS Asset-Backed Certificates Trust Series 2005-7, Class AF5W 4.99%, 10/25/35^(c)			895		888,306
GSAA Home Equity Trust Series 2005-12, Class AF5 5.659%, 9/25/35^(c)			1,162		1,036,336
Series 2006-6, Class AF4 6.121%, 3/25/36^(c)			1,593		779,817
Series 2006-6, Class AF5 6.241%, 3/25/36^(c)			590		288,882
Series 2006-10, Class AF3 5.985%, 6/25/36^(c)			1,156		552,440
Lehman XS Trust Series 2007-6, Class 3A5 4.764%, 5/25/37^(c)			173		171,057

					4,125,499

Autos - Fixed Rate – 0.1%
CPS Auto Trust Series 2018-C, Class D 4.40%, 6/17/24^(b)			1,050		1,049,885


Total Asset-Backed Securities (cost $20,757,900)					18,492,129


LOCAL GOVERNMENTS – US MUNICIPAL BONDS – 0.5%
United States – 0.5%
California – 0.3%
State of California Series 2010 7.60%, 11/01/40			750		1,114,680
7.95%, 3/01/36			1,915		2,041,199

					3,155,879

Illinois – 0.2%
State of Illinois Series 2010 7.35%, 7/01/35			1,915		2,108,932


Total Local Governments – US Municipal Bonds (cost $4,598,081)					5,264,811


60 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

LOCAL GOVERNMENTS – REGIONAL BONDS – 0.4%
Argentina – 0.4%
Provincia de Buenos Aires/Argentina 5.75%, 6/15/19^(b)	U.S.$		1,010	$	994,850
7.875%, 6/15/27^(b)			843		699,690
9.125%, 3/16/24^(b)			1,500		1,380,000
9.95%, 6/09/21^(b)			150		147,375
36.245% (BADLAR + 3.83%), 5/31/22^(l)	ARS		26,500		566,948
Provincia de Cordoba 7.125%, 6/10/21^(b)	U.S.$		754		671,060
7.45%, 9/01/24^(b)			505		434,300


Total Local Governments – Regional Bonds (cost $5,899,819)					4,894,223


GOVERNMENTS – SOVEREIGN BONDS – 0.3%
United Arab Emirates – 0.3%
Emirate of Dubai Government International Bonds 7.75%, 10/05/20^(b) (cost $3,320,262)			3,310		3,583,075


		Shares
PREFERRED STOCKS – 0.3%
Financial Institutions – 0.3%
Banking – 0.1%
GMAC Capital Trust I Series 2 8.099%			16,325		429,347
Paysafe Holdings UK Ltd. 0.00%^(c)(d)(e)(i)			1,062,845		1,062,845

					1,492,192

Insurance – 0.1%
Hartford Financial Services Group, Inc. (The) 7.875%			45,050		1,261,851


REITS – 0.1%
Hersha Hospitality Trust Series C 6.875%			15,950		390,775

					3,144,818


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 61

PORTFOLIO OF INVESTMENTS (continued)


Company		Shares		U.S. $ Value

Utility – 0.0%
Electric – 0.0%
SCE Trust III Series H 5.75%			11,025	$	277,940


Industrial – 0.0%
Technology – 0.0%
Goodman Networks, Inc. 0.00%^(c)(d)(e)(i)			49,723		– 0	–


Total Preferred Stocks (cost $3,298,531)					3,422,758


		Principal Amount (000)
INFLATION-LINKED SECURITIES – 0.3%
Colombia – 0.3%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 2/15/44^(b)	COP		1,437,090		477,230
Fideicomiso PA Costera 6.25%, 1/15/34^(b)			1,230,800		424,400
Fideicomiso PA Pacifico Tres 7.00%, 1/15/35^(c)(g)			6,642,880		2,376,621


Total Inflation-Linked Securities (cost $2,819,482)					3,278,251


COLLATERALIZED LOAN OBLIGATIONS – 0.1%
CLO - Floating Rate – 0.1%
Dryden CLO Ltd. Series 2018-57A, Class E 7.514% (LIBOR 3 Month + 5.20%), 5/15/31^(b)(c)(l)	U.S.$		275		270,325
Dryden Senior Loan Fund Series 2017-49A, Class E 8.633% (LIBOR 3 Month + 6.30%), 7/18/30^(b)(c)(l)			417		421,079
OZLM Ltd. Series 2014-8A, Class D 7.286% (LIBOR 3 Month + 4.95%), 10/17/26^(b)(c)(l)			585		585,107
Series 2018-22A, Class D 7.636% (LIBOR 3 Month + 5.30%), 1/17/31^(b)(c)(l)			349		341,031


Total Collateralized Loan Obligations (cost $1,551,863)					1,617,542


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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

QUASI-SOVEREIGNS – 0.1%
Quasi-Sovereign Bonds – 0.1%
Kazakhstan – 0.1%
KazMunayGas National Co. JSC 5.375%, 4/24/30^(b)	U.S.$		660	$	672,637
6.375%, 10/24/48^(b)			396		416,430


Total Quasi-Sovereigns (cost $1,052,079)					1,089,067


WHOLE LOAN TRUSTS – 0.1%
Performing Asset – 0.1%
Flexpath Wh I LLC Series B 11.00%, 4/01/21^(c)(d)(e)			201		54,902
Series B2 11.00%, 1/01/22^(c)(d)(e)			259		83,222
Series B3 11.00%, 9/01/22^(c)(d)(e)			101		35,339
Sheridan Auto Loan Holdings I LLC 10.00%, 12/31/20-9/30/21^(c)(d)(e)			1,244		461,732


Total Whole Loan Trusts (cost $1,743,161)					635,195


		Shares
WARRANTS – 0.0%
Avaya Holdings Corp., expiring 12/15/22⁽ⁱ⁾			53,489		307,561
Encore Automotive Acceptance, expiring 7/05/31^(c)(d)(e)(i)			8		– 0	–
Flexpath Capital, Inc., expiring 4/15/31^(c)(d)(e)(i)			10,974		– 0	–
Liberty Tire Recycling LLC, expiring 6/26/19^(c)(d)(e)(i)			392		1,814
Midstates Petroleum Co., Inc., expiring 4/21/20^(e)(i)			39,269		3,927
SandRidge Energy, Inc., A-CW22, expiring 10/03/22⁽ⁱ⁾			46,951		12,677
SandRidge Energy, Inc., B-CW22, expiring 10/03/22⁽ⁱ⁾			19,772		2,966
Willscot Corp., expiring 11/29/22^(d)(e)(i)			29,123		148,527


Total Warrants (cost $640,558)					477,472


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 63

PORTFOLIO OF INVESTMENTS (continued)


		Notional Amount			U.S. $ Value

OPTIONS PURCHASED – PUTS – 0.0%
Options on Forward Contracts – 0.0%
AUD/USD Expiration: Jun 2019; Contracts: 28,100,000; Exercise Price: AUD 1.45; Counterparty: Morgan Stanley Capital Services LLC⁽ⁱ⁾	AUD		28,100,000		$	293,713
USD/EUR Expiration: Oct 2018; Contracts: 10,738,750; Exercise Price: USD 1.21; Counterparty: Natwest Markets PLC⁽ⁱ⁾	USD		10,738,750			1,020


Total Options Purchased – Puts (premiums paid $467,310)						294,733


		Shares
RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/49^(c)(i) (cost $0)			10,721			8,041


SHORT-TERM INVESTMENTS – 3.9%
Investment Companies – 3.0%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.98%^(t)(v)(w) (cost $34,085,825)			34,085,825			34,085,825


		Principal Amount (000)
Time Deposits – 0.5%
ANZ, London 1.54%, 10/01/18	U.S.$		2,749			2,749,397
BBH, Grand Cayman 0.35%, 10/01/18	NOK		0	**		1
0.35%, 10/01/18	SGD		0	**		17
0.37%, 10/01/18	GBP		41			53,526
0.65%, 10/01/18	CAD		0	**		1
1.10%, 10/01/18	NZD		0	**		165
2.03%, 10/02/18	HKD		0	**		12
6.50%, 10/01/18	ZAR		0	**		1
BNP Paribas, Paris (0.57)%, 10/01/18	EUR		2,118			2,459,083


Total Time Deposits (cost $5,263,069)						5,262,203


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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Emerging Markets – Sovereigns – 0.4%
Egypt – 0.2%
Citigroup Global Markets Holdings, Inc./United States Series GSNP Zero Coupon, 10/04/18	EGP		27,650	$	1,541,287


Ukraine – 0.2%
Ukraine Government International Bond Zero Coupon, 2/28/19^(b)	U.S.$		2,600		2,502,110


Total Emerging Markets – Sovereigns (cost $4,079,073)					4,043,397


Total Short-Term Investments (cost $43,427,967)					43,391,425


Total Investments – 102.8% (cost $1,197,593,727)					1,175,474,370
Other assets less liabilities – (2.8)%					(31,698,483	)


Net Assets – 100.0%				$	1,143,775,887

FUTURES (see Note C)


Description	Number of Contracts		Expiration Month	Notional (000)		Original Value		Value at September 30, 2018		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		238	December 2018	CAD	238	$	24,685,410	$	24,436,620	$	(248,790	)
U.S. Long Bond (CBT) Futures		35	December 2018	USD	35		5,072,258		4,917,500		(154,758	)

Sold Contracts
CBOE (VIX) Futures		40	October 2018	USD	40		588,683		559,000		29,683
S&P 500 E-Mini Future		183	December 2018	USD	9		26,713,699		26,708,850		4,849

										$	(369,016	)


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 65

PORTFOLIO OF INVESTMENTS (continued)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	EUR	2,230	USD	2,621		10/11/18	$	30,227
Bank of America, NA	USD	300	IDR	4,422,681		11/08/18		(4,754	)
Bank of America, NA	RUB	520,818	USD	7,863		11/14/18		(50,661	)
Bank of America, NA	USD	2,571	RUB	171,666		11/14/18		36,892
Bank of America, NA	USD	2,354	CHF	2,298		2/26/19		22,151
Bank of America, NA	USD	2,354	CHF	2,298		2/28/19		22,171
Barclays Bank PLC	USD	1,146	TRY	7,057		10/12/18		14,652
Barclays Bank PLC	USD	3,015	IDR	44,632,590		11/08/18		(37,751	)
Barclays Bank PLC	USD	2,640	KRW	2,943,325		11/15/18		14,931
Barclays Bank PLC	ILS	27,174	USD	7,619		11/29/18		112,747
Barclays Bank PLC	USD	5,886	INR	409,654		12/13/18		(303,283	)
Barclays Bank PLC	USD	798	IDR	12,083,633		12/26/18		937
Barclays Bank PLC	USD	6,598	CHF	6,279		2/28/19		(103,485	)
BNP Paribas SA	JPY	323,395	USD	2,881		10/04/18		34,290
BNP Paribas SA	AUD	15,674	USD	11,389		10/11/18		58,616
BNP Paribas SA	EUR	57,035	USD	67,258		10/11/18		990,848
BNP Paribas SA	USD	2,293	AUD	3,083		10/11/18		(64,464	)
BNP Paribas SA	TRY	42,403	USD	6,430		10/12/18		(546,517	)
BNP Paribas SA	USD	5,653	GBP	4,333		10/12/18		(3,074	)
BNP Paribas SA	USD	969	TRY	6,388		10/12/18		82,338
BNP Paribas SA	SEK	28,461	EUR	2,665		10/16/18		(108,514	)
BNP Paribas SA	USD	2,268	ZAR	32,388		10/17/18		17,451
BNP Paribas SA	MXN	110,515	USD	5,711		10/19/18		(177,164	)
BNP Paribas SA	USD	2,859	IDR	42,343,271		11/08/18		(33,883	)
BNP Paribas SA	CHF	2,260	USD	2,311		2/28/19		(26,417	)
Brown Brothers Harriman & Co.	ZAR	5,437	USD	349		10/10/18		(34,763	)
Brown Brothers Harriman & Co.	EUR	3,602	USD	4,232		10/11/18		47,275
Brown Brothers Harriman & Co.	USD	3,763	EUR	3,218		10/11/18		(23,847	)
Brown Brothers Harriman & Co.	CHF	2,265	USD	2,331		10/17/18		20,210
Brown Brothers Harriman & Co.	USD	2,680	CHF	2,604		10/17/18		(23,236	)
Citibank, NA	BRL	23,395	USD	5,843		10/02/18		50,132
Citibank, NA	BRL	136,983	USD	33,051		10/02/18		(867,497	)
Citibank, NA	USD	5,786	BRL	23,395		10/02/18		7,020
Citibank, NA	USD	34,212	BRL	136,983		10/02/18		(293,535	)
Citibank, NA	JPY	236,000	USD	2,101		10/04/18		24,063
Citibank, NA	USD	15,204	JPY	1,679,721		10/04/18		(417,658	)
Citibank, NA	ZAR	20,166	USD	1,295		10/10/18		(129,623	)
Citibank, NA	EUR	2,041	USD	2,405		10/11/18		33,547
Citibank, NA	USD	3,024	CLP	2,027,440		10/12/18		59,097
Citibank, NA	USD	974	IDR	14,234,093		11/08/18		(24,144	)
Citibank, NA	USD	1,024	KRW	1,137,321		11/15/18		2,345
Citibank, NA	UYU	9,302	USD	275		11/29/18		(4,342	)
Citibank, NA	UYU	30,835	USD	923		12/04/18		(3,855	)
Citibank, NA	INR	93,762	USD	1,344		12/13/18		66,052
Citibank, NA	USD	6,882	INR	480,165		12/13/18		(338,258	)


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PORTFOLIO OF INVESTMENTS (continued)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	USD	2,942	JPY	324,621		10/04/18	$	(84,908	)
Credit Suisse International	AUD	4,201	USD	3,017		10/11/18		(19,995	)
Credit Suisse International	JPY	677,792	AUD	8,299		10/11/18		29,650
Credit Suisse International	COP	17,326,409	USD	5,761		10/12/18		(87,297	)
Credit Suisse International	USD	5,901	GBP	4,530		10/12/18		6,274
Credit Suisse International	EUR	1,905	SEK	19,699		10/16/18		5,294
Credit Suisse International	GBP	693	ZAR	12,349		10/17/18		(31,802	)
Credit Suisse International	USD	2,252	ZAR	30,734		10/17/18		(83,378	)
Credit Suisse International	USD	5,737	SGD	7,807		10/25/18		(23,224	)
Credit Suisse International	EUR	1,989	NOK	19,005		10/31/18		23,841
Credit Suisse International	EUR	1,519	NOK	14,647		11/15/18		33,293
Credit Suisse International	USD	5,633	NOK	45,887		11/15/18		14,783
Credit Suisse International	USD	5,647	NOK	45,759		11/15/18		(14,298	)
Credit Suisse International	USD	753	TRY	4,719		12/03/18		(3,080	)
Credit Suisse International	CNH	7,893	JPY	126,605		12/13/18		(22,675	)
Credit Suisse International	JPY	623,148	USD	5,515		12/13/18		(1,858	)
Credit Suisse International	TRY	11,969	USD	2,050		2/26/19		246,741
Credit Suisse International	USD	2,060	TRY	11,969		2/26/19		(257,200	)
Credit Suisse International	TRY	11,969	USD	2,048		2/28/19		246,759
Credit Suisse International	TRY	15,800	USD	2,137		2/28/19		(240,093	)
Credit Suisse International	USD	2,333	CHF	2,271		2/28/19		16,049
Credit Suisse International	USD	3,853	TRY	26,636		2/28/19		154,967
Deutsche Bank AG	USD	2,129	IDR	31,168,025		11/08/18		(49,735	)
Goldman Sachs Bank USA	GBP	3,945	EUR	4,451		10/11/18		27,817
Goldman Sachs Bank USA	GBP	10,618	USD	13,973		10/12/18		126,943
Goldman Sachs Bank USA	PLN	10,775	USD	2,936		10/18/18		12,867


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 67

PORTFOLIO OF INVESTMENTS (continued)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Bank USA	MXN	89,330	USD	4,755		10/19/18	$	(4,494	)
Goldman Sachs Bank USA	SGD	7,798	USD	5,681		10/25/18		(26,776	)
Goldman Sachs Bank USA	NOK	19,005	EUR	1,989		10/31/18		(23,836	)
Goldman Sachs Bank USA	JPY	126,604	CNH	7,893		12/13/18		22,676
Goldman Sachs Bank USA	IDR	12,083,633	USD	798		12/26/18		(937	)
HSBC Bank USA	USD	5,610	CLP	3,732,218		10/12/18		65,104
HSBC Bank USA	USD	1,177	IDR	17,373,553		11/08/18		(17,716	)
HSBC Bank USA	USD	7,873	KRW	8,768,478		11/15/18		36,225
HSBC Bank USA	INR	362,053	USD	4,960		12/13/18		26,158
JPMorgan Chase Bank, NA	JPY	1,853,485	USD	16,988		10/04/18		672,676
JPMorgan Chase Bank, NA	USD	7,102	JPY	773,709		10/04/18		(291,357	)
JPMorgan Chase Bank, NA	USD	1,152	ZAR	16,401		10/10/18		6,326
JPMorgan Chase Bank, NA	AUD	1,900	USD	1,412		10/11/18		38,757
JPMorgan Chase Bank, NA	AUD	12,050	USD	8,607		10/11/18		(103,462	)
JPMorgan Chase Bank, NA	COP	16,852,994	USD	5,530		10/12/18		(158,781	)
JPMorgan Chase Bank, NA	USD	5,724	GBP	4,423		10/12/18		43,713
JPMorgan Chase Bank, NA	SEK	19,699	EUR	1,905		10/16/18		(5,294	)
JPMorgan Chase Bank, NA	CHF	6,742	USD	6,994		10/17/18		115,548
JPMorgan Chase Bank, NA	USD	2,770	CHF	2,688		10/17/18		(27,033	)
JPMorgan Chase Bank, NA	ZAR	30,311	GBP	1,715		10/17/18		98,409
JPMorgan Chase Bank, NA	ZAR	32,717	USD	2,163		10/17/18		(145,730	)
JPMorgan Chase Bank, NA	ARS	89,853	USD	2,169		11/01/18		80,989
JPMorgan Chase Bank, NA	EUR	3,448	NOK	33,034		11/15/18		49,163
JPMorgan Chase Bank, NA	USD	9,289	NOK	75,635		11/15/18		20,556
JPMorgan Chase Bank, NA	TRY	4,719	USD	753		12/03/18		3,084
JPMorgan Chase Bank, NA	CNH	13,346	USD	1,937		12/19/18		4,017
JPMorgan Chase Bank, NA	CHF	2,298	USD	2,352		2/26/19		(23,821	)
JPMorgan Chase Bank, NA	TRY	28,266	USD	4,181		2/28/19		(72,197	)


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PORTFOLIO OF INVESTMENTS (continued)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services LLC	BRL	100,169	USD	25,018		10/02/18	$	214,647
Morgan Stanley Capital Services LLC	BRL	11,697	USD	2,840		10/02/18		(56,571	)
Morgan Stanley Capital Services LLC	USD	24,319	BRL	100,169		10/02/18		484,440
Morgan Stanley Capital Services LLC	USD	2,921	BRL	11,697		10/02/18		(25,066	)
Morgan Stanley Capital Services LLC	BRL	100,169	USD	24,251		11/05/18		(485,720	)
Morgan Stanley Capital Services LLC	USD	2,832	BRL	11,697		11/05/18		56,721
Morgan Stanley Capital Services LLC	SEK	26,317	USD	2,968		11/15/18		(4,393	)
Morgan Stanley Capital Services LLC	USD	9,452	AUD	12,800		6/28/19		(164,975	)
Royal Bank of Scotland PLC	ZAR	32,307	USD	2,126		10/10/18		(156,046	)
Royal Bank of Scotland PLC	NZD	5,956	USD	4,013		10/11/18		64,896
Royal Bank of Scotland PLC	USD	1,173	NZD	1,741		10/11/18		(18,965	)
Standard Chartered Bank	BRL	25,117	USD	6,273		10/02/18		53,821
Standard Chartered Bank	USD	6,146	BRL	25,117		10/02/18		73,552
Standard Chartered Bank	BRL	9,399	USD	2,246		10/30/18		(75,796	)
Standard Chartered Bank	IDR	241,662,669	USD	16,318		11/08/18		195,693
Standard Chartered Bank	USD	245	IDR	3,695,009		11/08/18		1,639
Standard Chartered Bank	USD	1,798	IDR	26,318,763		11/08/18		(42,059	)
Standard Chartered Bank	KRW	6,463,088	USD	5,757		11/15/18		(72,651	)
Standard Chartered Bank	USD	5,777	KRW	6,444,803		11/15/18		36,550
Standard Chartered Bank	CAD	11,329	USD	8,790		11/16/18		10,702
Standard Chartered Bank	USD	1,878	CAD	2,420		11/16/18		(2,286	)
Standard Chartered Bank	TWD	606,707	USD	19,826		12/11/18		(208,526	)


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 69

PORTFOLIO OF INVESTMENTS (continued)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Standard Chartered Bank	USD	5,696	INR	419,915		12/13/18	$	26,558
UBS AG	EUR	4,403	USD	5,038		10/11/18		(77,469	)
UBS AG	GBP	8,131	EUR	9,048		10/11/18		(90,163	)
UBS AG	JPY	681,875	EUR	5,190		10/11/18		24,602
UBS AG	GBP	14,149	USD	18,559		10/12/18		108,833
UBS AG	GBP	4,715	USD	6,121		10/12/18		(27,054	)
UBS AG	ZAR	12,349	GBP	693		10/17/18		31,803
UBS AG	USD	2,963	IDR	43,503,854		11/08/18		(60,348	)

							$	(1,648,662	)

CREDIT DEFAULT SWAPTIONS WRITTEN (see Note C)


Description	Counterparty	Buy/Sell Protection		Strike Rate			Expiration Month		Notional Amount (000)		Premiums Received		Market Value
Call
CDX-NAHY Series 31, 5 Year Index	BNP Paribas SA		Sell		1.08	%		October 2018	$	5,700	$	4,560	$	(4,560	)

CURRENCY OPTIONS WRITTEN (see Note C)


Description/ Counterparty	Exercise Price			Expiration Month		Contracts		Notional Amount (000)		Premiums Received		U.S. $ Value
Call
AUD vs. USD/ Morgan Stanley Capital Services LLC^(x)		AUD	1.280		06/2019		28,100,000	AUD	28,100	$	291,731	$	(134,324	)
USD vs. EUR/ Natwest Markets PLC^(x)		USD	1.170		10/2018		10,383,750	USD	10,384		86,975		(99,653	)

Put
BRL vs. USD/ Morgan Stanley Capital Services LLC^(x)		BRL	4.100		10/2018		23,677,500	BRL	23,678		60,620		(148,073	)
BRL vs. USD/ Deutsche Bank AG^(x)		BRL	4.560		11/2018		26,790,000	BRL	26,790		75,376		(50,515	)
CNH vs. USD/ JPMorgan Chase Bank, NA^(x)		CNH	7.050		12/2018		73,143,750	CNH	73,144		52,342		(33,549	)


70 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


Description/ Counterparty	Exercise Price		Expiration Month		Contracts		Notional Amount (000)		Premiums Received		U.S. $ Value
IDR vs. USD/ Goldman Sachs Bank USA^(x)	IDR	15,870.000		12/2018		93,855,180,000	IDR	93,855,180	$	37,743	$	(24,501	)
INR vs. USD/ JPMorgan Chase Bank, NA^(x)	INR	71.320		02/2019		381,562,000	INR	381,562		49,541		(224,110	)
JPY vs. CNH/ Goldman Sachs Bank USA^(x)	JPY	16.500		12/2018		585,337,500	JPY	585,338		26,313		(52,197	)
MXN vs. USD/ Morgan Stanley Capital Services LLC^(x)	MXN	23.820		02/2019		144,706,500	MXN	144,707		80,937		(9,627	)
NOK vs. EUR/ Goldman Sachs Bank USA^(x)	NOK	9.790		10/2018		94,963,000	NOK	94,963		54,254		(4,655	)
SEK vs. EUR/ JPMorgan Chase Bank, NA^(x)	SEK	10.600		10/2018		94,340,000	SEK	94,340		55,076		(3,514	)
SGD vs. CHF/ UBS AG^(x)	SGD	1.550		06/2019		7,750,000	SGD	7,750		23,428		(17,313	)
TRY vs. CHF/ UBS AG^(x)	TRY	5.900		02/2019		29,500,000	TRY	29,500		53,932		(767,466	)
TRY vs. USD/ JPMorgan Chase Bank, NA^(x)	TRY	7.000		11/2018		41,195,000	TRY	41,195		66,089		(75,972	)


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 71

PORTFOLIO OF INVESTMENTS (continued)


Description/ Counterparty	Exercise Price			Expiration Month		Contracts		Notional Amount (000)		Premiums Received		U.S. $ Value
USD vs. EUR/ Natwest Markets PLC^(x)		USD	1.250		10/2018		11,093,750	USD	11,094	$	61,408	$	(100	)
ZAR vs. GBP/ UBS AG^(x)		ZAR	19.520		10/2018		83,448,000	ZAR	83,448		75,703		(9,052	)

										$	1,151,468	$	(1,654,621	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note C)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2018			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 29, 5 Year Index, 12/20/22*		(5.00	)%		Quarterly		2.83	%	USD	40,600	$	(3,312,124	)	$	(2,643,615	)	$	(668,509	)
CDX-NAHY Series 30, 5 Year Index, 6/20/23*		(5.00	)		Quarterly		3.07		USD	38,312		(3,036,140	)		(2,965,739	)		(70,401	)
CDX-NAHY Series 30, 5 Year Index, 6/20/23*		(5.00	)		Quarterly		3.07		USD	17,700		(1,402,685	)		(1,121,748	)		(280,937	)
iTraxx Europe Crossover Series 21, 5 Year Index, 6/20/19*		(5.00	)		Quarterly		1.65		EUR	3		(83	)		(103	)		20
iTraxx Europe Crossover Series 27, 5 Year Index, 6/20/22*		(5.00	)		Quarterly		2.17		EUR	13,260		(1,559,767	)		(1,638,929	)		79,162
iTraxx Europe Crossover Series 29, 5 Year Index, 6/20/23*		(5.00	)		Quarterly		2.79		EUR	2,885		(322,640	)		(318,224	)		(4,416	)


72 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
iTraxx Europe Crossover Series 29, 5 Year Index, 6/20/23*		(5.00	) %		Quarterly		2.79	%		EUR	8,415	$	(941,081	)	$	(920,031	)	$	(21,050	)
iTraxx Europe Crossover Series 29, 5 Year Index, 6/20/23*		(5.00	)		Quarterly		2.79			EUR	4,751		(531,322	)		(519,438	)		(11,884	)
iTraxx Europe Crossover Series 29, 5 Year Index, 6/20/23*		(5.00	)		Quarterly		2.79			EUR	1,629		(182,177	)		(179,683	)		(2,494	)

Sale Contracts
CDX-NAHY Series 21, 5 Year Index, 12/20/18*		5.00			Quarterly		1.13			USD	6,734		69,885			22,312			47,573
CDX-NAHY Series 28, 5 Year Index, 6/20/22*		5.00			Quarterly		2.54			USD	5		413			343			70
CDX-NAHY Series 28, 5 Year Index, 6/20/22*		5.00			Quarterly		2.54			USD	13,417		1,120,137			929,390			190,747
CDX-NAHY Series 29, 5 Year Index, 12/20/22*		5.00			Quarterly		2.83			USD	40,600		3,312,124			2,683,001			629,123
CDX-NAHY Series 30, 5 Year Index, 6/20/23*		5.00			Quarterly		3.07			USD	74,801		5,927,812			4,297,335			1,630,477
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		5.00			Quarterly		3.32			USD	38,313		2,843,852			2,774,782			69,070


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 73

PORTFOLIO OF INVESTMENTS (continued)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2018			Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		5.00	%		Quarterly		3.32	%		USD	11,594	$	860,586	$	838,087	$	22,499
iTraxx Europe Crossover Series 27, 5 Year Index, 6/20/22*		5.00			Quarterly		2.17			EUR	13,259		1,559,649		1,689,231		(129,582	)
iTraxx Europe Crossover Series 29, 5 Year Index, 6/20/23*		5.00			Quarterly		2.79			EUR	53,763		6,012,518		5,653,499		359,019
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		5.00			Quarterly		2.73			EUR	4,513		564,632		558,879		5,753
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		5.00			Quarterly		2.73			EUR	9,027		1,129,389		1,164,620		(35,231	)

												$	12,112,978	$	10,303,969	$	1,809,009

*	Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note C)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
USD	144,205		1/17/20	2.170%	3 Month LIBOR	Semi-Annual/ Quarterly	$	1,359,223		$	1,262,551		$	96,672
USD	144,205		1/17/20	2.204%	3 Month LIBOR	Semi-Annual/ Quarterly		1,287,253			1,200,662			86,591
USD	144,205		1/17/20	3 Month LIBOR	2.170%	Quarterly/ Semi-Annual		(1,356,200	)		– 0	–		(1,356,200	)
USD	144,205		1/17/20	3 Month LIBOR	2.204%	Quarterly/ Semi-Annual		(1,284,182	)		– 0	–		(1,284,182	)


74 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
USD	58,295		1/17/23		3 Month LIBOR		2.420%		Quarterly/ Semi-Annual	$	(1,531,436	)	$	(1,514,966	)	$	(16,470	)
USD	58,295		1/17/23		3 Month LIBOR		2.389%		Quarterly/ Semi-Annual		(1,608,679	)		(1,580,407	)		(28,272	)
USD	58,295		1/17/23		2.389%		3 Month LIBOR		Semi-Annual/ Quarterly		1,608,470			– 0	–		1,608,470
USD	58,295		1/17/23		2.420%		3 Month LIBOR		Semi-Annual/ Quarterly		1,531,224			– 0	–		1,531,224

										$	5,673		$	(632,160	)	$	637,833

CREDIT DEFAULT SWAPS (see Note C)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Barclays Bank PLC
Argentina International Bond, 7.500%, 4/22/26,6/20/23*		(5.00	)%		Quarterly		5.71	%		USD	150	$	3,872		$	3,926		$	(54	)

Sale Contracts
Barclays Bank PLC
Brazilian Government International Bond, 4.250%, 1/07/25, 6/20/23*		1.00			Quarterly		2.43			USD	1,520		(92,133	)		(53,979	)		(38,154	)
Brazilian Government International Bond, 4.250%, 1/07/25, 6/20/23*		1.00			Quarterly		2.43			USD	1,813		(109,892	)		(64,385	)		(45,507	)
CCO Holdings, LLC, 5.750%,1/15/24, 6/20/19*		5.00			Quarterly		0.13			USD	828		30,287			13,393			16,894
Citibank, NA
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	454		(53,337	)		(52,454	)		(883	)
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			Monthly		11.97			USD	5,000		(1,039,833	)		(799,950	)		(239,883	)
International Game Technology PLC, 4.750%, 2/15/23, 6/20/22*		5.00			Quarterly		1.46			EUR	310		46,408			26,205			20,203
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	364		(42,794	)		(43,877	)		1,083
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	258		(30,311	)		(29,450	)		(861	)
Goldman Sachs Bank USA
Avis Budget Car Rental LLC, 5.250%, 3/15/25, 6/20/22*		5.00			Quarterly		2.19			USD	1,225		113,359			60,781			52,578


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 75

PORTFOLIO OF INVESTMENTS (continued)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at September 30, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
United States Steel Corp., 6.650%, 6/01/37, 12/20/21*		5.00	%	Quarterly		1.00	%		USD	700	$	86,593		$	(36,407	)	$	123,000
Goldman Sachs International
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00		Monthly		11.97			USD	2,071		(430,639	)		(313,623	)		(117,016	)
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00		Monthly		11.97			USD	5,000		(1,040,528	)		(884,149	)		(156,379	)
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00		Monthly		11.97			USD	2,929		(609,194	)		(443,659	)		(165,535	)
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00		Monthly		11.97			USD	5,000		(1,039,833	)		(844,253	)		(195,580	)
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00		Monthly		11.97			USD	10,000		(2,079,667	)		(1,525,947	)		(553,720	)
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00		Monthly		11.97			USD	13,500		(2,807,550	)		(2,057,261	)		(750,289	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	133		(15,625	)		(14,765	)		(860	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	719		(84,530	)		(79,819	)		(4,711	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	530		(62,266	)		(58,413	)		(3,853	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	1,041		(122,300	)		(115,499	)		(6,801	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	180		(21,162	)		(16,588	)		(4,574	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	360		(42,324	)		(36,565	)		(5,759	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	360		(42,324	)		(33,790	)		(8,534	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	371		(43,617	)		(32,212	)		(11,405	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00		Monthly		6.57			USD	2,158		(253,709	)		(191,757	)		(61,952	)
Turkey International Bond, 11.875%, 1/15/30, 12/20/23*		1.00		Quarterly		3.72			USD	575		(67,980	)		(66,972	)		(1,008	)
HSBC Bank USA
Turkey International Bond, 11.875%, 1/15/30, 12/20/23*		1.00		Quarterly		3.72			USD	720		(85,123	)		(84,998	)		(125	)
Turkey International Bond, 11.875%, 1/15/30, 12/20/23*		1.00		Quarterly		3.72			USD	719		(85,005	)		(84,027	)		(978	)


76 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2018			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, NA
CDX- CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		6.57	%		USD	12,000	$	(1,408,800	)	$	(1,417,470	)	$	8,670
Turkey International Bond, 11.875%, 1/15/30, 12/20/23*		1.00			Quarterly		3.72			USD	287		(33,931	)		(34,106	)		175
Morgan Stanley & Co. International PLC
Turkey International Bond, 11.875%, 1/15/30, 12/20/23*		1.00			Quarterly		3.72			USD	720		(85,123	)		(84,715	)		(408	)
Morgan Stanley Capital Services LLC
CDX- CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	1,272		(149,439	)		(143,084	)		(6,355	)
CDX- CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	1,188		(139,570	)		(128,328	)		(11,242	)
CDX- CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.57			USD	10,000		(1,174,000	)		(113,840	)		(1,060,160	)
South Africa Government International Bond, 5.500%, 3/09/20, 6/20/23*		1.00			Quarterly		1.87			USD	2,640		(99,462	)		(67,814	)		(31,648	)
Weatherford International LLC, 4.500%, 4/15/22, 6/20/23*		1.00			Quarterly		6.72			USD	190		(40,757	)		(46,135	)		5,378

												$	(13,152,239	)	$	(9,895,986	)	$	(3,256,253	)

*	Termination date


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 77

PORTFOLIO OF INVESTMENTS (continued)

TOTAL RETURN SWAPS (see Note C)

Counterparty &
Referenced Obligation

# of
Shares
or
Units

Rate
Paid/
Received

Payment
Frequency

Notional
Amount
(000)

Maturity
Date

Unrealized
Appreciation/
(Depreciation)

Receive Total Return on Reference Obligation

Bank of America, NA

iBoxx $ Liquid High Yield Index

55,603

LIBOR

Quarterly

USD

15,213

12/20/18

90,226

iBoxx $ Liquid High Yield Index

29,872

LIBOR

Quarterly

USD

8,174

12/20/18

47,432

BNP Paribas SA

iBoxx $ Liquid High Yield Index

38,710

LIBOR

Quarterly

USD

10,591

12/20/18

62,814

Credit Suisse International

iBoxx $ Liquid High Yield Index

62,644

LIBOR

Quarterly

USD

17,152

12/20/18

89,182

289,654

VARIANCE SWAPS (see Note C)


Swap Counterparty & Referenced Obligation	Volatility Strike Rate			Payment Frequency		Notional Amount (000)			Market Value			Upfront Premiums (Paid) Received			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Deutsche Bank AG
AUD/JPY 1/14/20*		11.12	%		Maturity		AUD	154	$	16,876		$	– 0	–	$	16,876
AUD/JPY 3/03/20*		12.75			Maturity		AUD	78		(22,871	)		– 0	–		(22,871	)
AUD/JPY 4/16/20*		12.25			Maturity		AUD	187		(20,684	)		– 0	–		(20,684	)
AUD/JPY 5/07/20*		12.22			Maturity		AUD	116		(10,037	)		– 0	–		(10,037	)
Goldman Sachs Bank USA
AUD/JPY 3/10/20*		12.90			Maturity		AUD	36		(11,766	)		– 0	–		(11,766	)
AUD/JPY 3/11/20*		12.80			Maturity		AUD	42		(12,217	)		– 0	–		(12,217	)

									$	(60,699	)	$	– 0	–	$	(60,699	)

*	Termination date


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PORTFOLIO OF INVESTMENTS (continued)

REVERSE REPURCHASE AGREEMENTS (see Note C)


Broker	Principal Amount (000)		Currency		Interest Rate			Maturity		U.S. $ Value at September 30, 2018
Barclays Capital, Inc.^†		797		USD		(4.75	)%*		—	$	795,947
Barclays Capital, Inc.^†		256		USD		(2.75	)%*		—		254,623
Barclays Capital, Inc.^†		799		USD		(0.63	)%*		—		795,084
Barclays Capital, Inc.^†		1,104		USD		0.50	%		—		1,109,382
Barclays Capital, Inc.^†		1,084		USD		0.75	%		—		1,084,618
Barclays Capital, Inc.^†		119		USD		1.25	%		—		118,772
Barclays Capital, Inc.^†		1,121		USD		1.75	%		—		1,127,504
Barclays Capital, Inc.^†		1,598		USD		2.00	%		—		1,608,530
Barclays Capital, Inc.^†		1,233		USD		2.00	%		—		1,241,958
Barclays Capital, Inc.^†		1,586		USD		2.10	%		—		1,590,019
Barclays Capital, Inc.^†		1,659		USD		2.25	%		—		1,663,383
Credit Suisse Securities (USA) LLC^†		615		USD		(4.75	)%*		—		600,723
Credit Suisse Securities (USA) LLC^†		479		EUR		(1.25	)%*		—		551,502
Credit Suisse Securities (USA) LLC^†		1,285		EUR		(1.00	)%*		—		1,483,768
Credit Suisse Securities (USA) LLC^†		328		EUR		(1.00	)%*		—		379,638
Credit Suisse Securities (USA) LLC^†		882		USD		0.75	%		—		882,491
JPMorgan Chase Bank, NA		9,925		USD		2.20	%		10/25/18		9,965,637
RBC Capital Markets^†		1,112		USD		(1.50	)%*		—		1,111,242
RBC Capital Markets^†		1,044		USD		0.00	%		—		1,043,494
RBC Capital Markets^†		1,411		USD		0.25	%		—		1,411,260
RBC Capital Markets^†		1,054		USD		2.05	%		—		1,062,412

										$	29,881,987

†	The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on September 30, 2018.

*	Interest payment due from counterparty.

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements on the statements of assets and liabilities is as follows:


	Overnight and Continuous			Up to 30 Days			31-90 Days			Greater than 90 Days			Total
Corporates – Non-Investment Grade	$	19,916,350		$	– 0	–	$	– 0	–	$	– 0	–	$	19,916,350
Governments – Treasuries		– 0	–		9,965,637			– 0	–		– 0	–		9,965,637

Total	$	19,916,350		$	9,965,637		$	– 0	–	$	– 0	–	$	29,881,987

**	Principal amount less than 500.

(a)	Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

(b)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, the aggregate market value of these securities amounted to $426,508,453 or 37.3% of net assets.


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 79

PORTFOLIO OF INVESTMENTS (continued)

(c)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(d)	Fair valued by the Adviser.

(e)	Illiquid security.

(f)	Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at September 30, 2018.

(g)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 2.05% of net assets as of September 30, 2018, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost			Market Value			Percentage of Net Assets
Aveta, Inc. 10.50%, 3/01/21		12/18/17	$	– 0	–	$	– 0	–		0.00	%
Bellemeade Re II Ltd. Series 2016-1A, Class B1 14.216%, 4/25/26		4/29/16		282,749			288,206			0.03	%
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 8.716%, 4/25/26		4/29/16		311,296			312,725			0.03	%
Bellemeade Re Ltd. Series 2015-1A, Class M2 6.516%, 7/25/25		7/27/15		383,014			386,183			0.03	%
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-4, Class PT 8.49%, 5/15/43		3/27/18		1,174,574			1,175,666			0.10	%
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 8.67%, 3/16/43		3/07/18		285,658			284,997			0.02	%
Dominican Republic International Bond 16.00%, 7/10/20		12/14/10		3,762,254			3,030,584			0.27	%
Exide Technologies 7.00%, 4/30/25		11/10/16		4,482,790			3,026,180			0.26	%
Exide Technologies 11.00%, 4/30/22		11/10/16		3,981,279			3,847,982			0.34	%
Fideicomiso PA Pacifico Tres 7.00%, 1/15/35		3/04/16		1,950,466			2,376,621			0.21	%
K2016470219 South Africa Ltd. 3.00%, 12/31/22		1/31/17		1,227,613			21,974			0.00	%
K2016470260 South Africa Ltd. 25.00%, 12/31/22		1/31/17		296,600			90,148			0.01	%
Liberty Tire Recycling LLC 9.50%, 1/15/23		1/03/18		559,251			559,251			0.05	%


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PORTFOLIO OF INVESTMENTS (continued)


144A/Restricted & Illiquid Securities	Acquisition Date		Cost			Market Value			Percentage of Net Assets
Magnetation LLC/Mag Finance Corp. 11.00%, 5/15/18		5/15/13	$	2,295,760		$	29			0.00	%
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 8/25/25		7/28/17		844,303			801,596			0.07	%
SoFi Consumer Loan Program LLC Series 2017-2, Class R Zero Coupon, 2/25/26		6/15/17		931,484			560,450			0.05	%
SoFi Consumer Loan Program LLC Series 2017-3, Class R Zero Coupon, 5/25/26		5/11/17		1,107,300			751,331			0.07	%
SoFi Consumer Loan Program LLC Series 2017-4, Class R1 Zero Coupon, 5/26/26		6/28/17		1,032,000			735,498			0.06	%
SoFi Consumer Loan Program LLC Series 2017-5, Class R1 Zero Coupon, 9/25/26		9/18/17		1,313,468			970,836			0.08	%
SoFi Consumer Loan Program LLC Series 2017-6, Class R1 Zero Coupon, 11/25/26		11/09/17		1,485,665			1,379,441			0.12	%
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 2/25/27		2/01/18		1,569,021			1,569,021			0.14	%
Texas Competitive/TCEH 11.50%, 10/01/20		4/14/11		– 0	–		– 0	–		0.00	%
Tonon Luxembourg SA 7.25%, 1/24/20		1/16/13		1,624,599			40,692			0.00	%
Vantage Drilling International 10.00%, 12/31/20		2/10/16		83,883			85,260			0.01	%
Virgolino de Oliveira Finance SA 10.50%, 1/28/18		1/23/14-6/09/14		2,401,853			247,650			0.02	%
Virgolino de Oliveira Finance SA 10.875%, 1/13/20		6/09/14		477,418			132,330			0.01	%


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 81

PORTFOLIO OF INVESTMENTS (continued)


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Virgolino de Oliveira Finance SA 11.75%, 2/09/22		1/29/14	$	838,866	$	81,081		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 7.716%, 11/25/25		9/28/15		612,873		710,668		0.06	%

(h)	Defaulted matured security.

(i)	Non-income producing security.

(j)	Restricted and illiquid security.


Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
CHC Group LLC		3/10/17	$	3,697,478	$	361,585			0.03	%
CHC Group LLC/CHC Finance Ltd. Series AI Zero Coupon, 10/01/20		10/01/12		2,351,990		2,948,211			0.26	%
Exide Technologies		4/30/15		112,260		72,206			0.01	%
Exide Technologies		4/30/15		28,931		18,608			0.00	%
Momentive Performance Materials, Inc. 8.875%, 10/15/20		4/30/15		1		– 0	–		0.00	%
Mt. Logan Re Ltd. (Preference Shares)		12/30/14		2,953,000		2,961,698			0.26	%

(k)	Convertible security.

(l)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2018.

(m)	Defaulted.

(n)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(o)	Inverse interest only security.

(p)	Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(q)	Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(r)	The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2018.

(s)	This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the London-Interbank Offered Rate (“LIBOR”) plus a premium which was determined at the time of purchase.

(t)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(u)	IO – Interest Only.

(v)	Affiliated investments.

(w)	The rate shown represents the 7-day yield as of period end.

(x)	One contract relates to 1 share.


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PORTFOLIO OF INVESTMENTS (continued)

Currency Abbreviations:

ARS – Argentine Peso

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

COP – Colombian Peso

DOP – Dominican Peso

EGP – Egyptian Pound

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

IDR – Indonesian Rupiah

ILS – Israeli Shekel

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

LKR – Sri Lankan Rupee

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PLN – Polish Zloty

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

TRY – Turkish Lira

TWD – New Taiwan Dollar

USD – United States Dollar

UYU – Uruguayan Peso

ZAR – South African Rand

Glossary:

12MTA – 12 Month Treasury Average

ABS – Asset-Backed Securities

ARLLMONP– Argentina Blended Policy Rate

BADLAR – Argentina Deposit Rates Badlar Private Banks

CBOE – Chicago Board Options Exchange

CBT – Chicago Board of Trade

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap Index

CMBS – Commercial Mortgage-Backed Securities

ETF – Exchange Traded Fund

EURIBOR – Euro Interbank Offered Rate

H15T – U.S. Treasury Yield Curve Rate T Note Constant Maturity

JSC – Joint Stock Company

LIBOR – London Interbank Offered Rates

MSCI – Morgan Stanley Capital International

REIT – Real Estate Investment Trust

See notes to financial statements.


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 83

STATEMENT OF ASSETS & LIABILITIES

September 30, 2018 (unaudited)


Assets
Investments in securities, at value Unaffiliated issuers (cost $1,163,507,902)	$	1,141,388,545
Affiliated issuers (cost 34,085,825)		34,085,825
Cash		60,602
Cash collateral due from broker		5,815,613
Foreign currencies, at value (cost $15,634,385)		15,446,745
Unaffiliated dividends and interest receivable		15,838,420
Receivable for newly entered credit default and interest rate and total return swaps		8,475,445
Unrealized appreciation on forward currency exchange contracts		5,361,128
Receivable for investment securities sold		4,086,912
Receivable for terminated credit default and total return swaps		2,273,684
Unrealized appreciation on total return swaps		289,654
Market value of credit default swaps (net premiums paid $67,898)		280,519
Receivable for variation margin on centrally cleared swaps		119,971
Affiliated dividends receivable		28,129
Unrealized appreciation on variance swaps		16,876

Total assets		1,233,568,068

Liabilities
Options written, at value (premiums received $1,151,468)		1,654,621
Swaptions written, at value (premiums received $4,560)		4,560
Payable for reverse repurchase agreements		29,881,987
Payable for investment securities purchased and foreign currency transactions		28,027,520
Market value of credit default swaps (net premiums received $9,963,884)		13,432,758
Unrealized depreciation on forward currency exchange contracts		7,009,790
Payable for newly entered credit default and interest rate and total return swaps		6,021,359
Payable for terminated credit default swaps		1,921,794
Advisory fee payable		840,285
Payable for variation margin on centrally cleared swaps		337,126
Cash collateral received from broker		270,000
Unrealized depreciation on variance swaps		77,575
Administrative fee payable		15,951
Payable for variation margin on futures		10,731
Directors’ fee payable		733
Accrued expenses and other liabilities		285,391

Total liabilities		89,792,181

Net Assets	$	1,143,775,887

Composition of Net Assets
Capital stock, at par	$	862,297
Additional paid-in capital		1,195,369,900
Distributable earnings (accumulated loss)		(52,456,310	)

	$	1,143,775,887

Net Asset Value Per Share—100 million shares of capital stock authorized, $0.01 par value (based on 86,229,677 shares outstanding)	$	13.26

See notes to financial statements.


84 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

STATEMENT OF OPERATIONS

Six Months Ended September 30, 2018 (unaudited)


Investment Income
Interest (net of foreign taxes withheld of $49,121)	$	39,746,270
Dividends
Unaffiliated issuers		255,651
Affiliated issuers		222,707
Other income		97,500		$	40,322,128

Expenses
Advisory fee (see Note B)		5,188,779
Transfer agency		17,770
Custodian		171,340
Audit and tax		95,963
Printing		90,177
Registration fees		42,062
Administrative		39,090
Legal		14,505
Directors’ fees		12,425
Miscellaneous		46,953

Total expenses before interest expense		5,719,064
Interest expense		479,932

Total expenses		6,198,996
Less: expenses waived and reimbursed by the Adviser (see Note B)		(22,066	)

Net expenses					6,176,930

Net investment income					34,145,198

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions					(4,290,833	)^(a)
Forward currency exchange contracts					25,393,903
Futures					(977,979	)
Options written					1,673,942
Swaps					7,790,757
Swaptions written					336,992
Foreign currency transactions					(20,627,724	)
Net change in unrealized appreciation/depreciation on:
Investments					(35,337,435	)
Forward currency exchange contracts					(3,400,340	)
Futures					(734,464	)
Options written					(998,336	)
Swaps					7,097,554
Swaptions written					(19,175	)
Foreign currency denominated assets and liabilities					715,699

Net loss on investment and foreign currency transactions					(23,377,439	)

Contributions from Affiliates (see Note B)					12,130

Net Increase in Net Assets from Operations				$	10,779,889

(a)	Net of foreign capital gains taxes of $28,750.

See notes to financial statements.


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 85

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended September 30, 2018 (unaudited)			Year Ended March 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income	$	34,145,198		$	71,855,450
Net realized gain (loss) on investment and foreign currency transactions		9,299,058			(26,480,187	)
Net change in unrealized appreciation/depreciation on investments and foreign currency denominated assets and liabilities		(32,676,497	)		195,281
Contributions from Affiliates (see Note B)		12,130			– 0	–

Net increase in net assets from operations		10,779,889			45,570,544
Distributions to shareholders*		(36,164,726	)		(71,764,491	)
Return of capital		– 0	–		(564,962	)

Total decrease		(25,384,837	)		(26,758,909	)
Net Assets
Beginning of period		1,169,160,724			1,195,919,633

End of period	$	1,143,775,887		$	1,169,160,724

See notes to financial statements.


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NOTES TO FINANCIAL STATEMENTS

September 30, 2018 (unaudited)

NOTE A

Significant Accounting Policies

AllianceBernstein Global High Income Fund, Inc. (the “Fund”) was incorporated under the laws of the State of Maryland on May 20, 1993 and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued


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NOTES TO FINANCIAL STATEMENTS (continued)

at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable


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NOTES TO FINANCIAL STATEMENTS (continued)

and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.


abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 89

NOTES TO FINANCIAL STATEMENTS (continued)

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange-traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments


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for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2018:

Investments in
Securities

Level 1

Level 2

Level 3

Total

Assets:

Corporates – Non-Investment Grade

– 0

–

478,797,444

9,211,254

488,008,698

Collateralized Mortgage Obligations

– 0

–

129,005,092

– 0

–

129,005,092

Governments – Treasuries

– 0

–

116,741,454

– 0

–

116,741,454

Corporates – Investment Grade

– 0

–

73,102,732

– 0

–

73,102,732

Emerging Markets – Sovereigns

– 0

–

64,276,556

– 0

–

64,276,556

Emerging Markets – Treasuries

– 0

–

46,409,090

– 0

–

46,409,090

Emerging Markets – Corporate Bonds

– 0

–

45,838,596

467,796

46,306,392

Bank Loans

– 0

–

34,697,807

8,564,788

43,262,595

Investment Companies

31,094,283

– 0

–

– 0

–

31,094,283

Common Stocks

17,185,229

504,948

10,275,065

27,965,242

Commercial Mortgage-Backed Securities

– 0

–

2,054,013

20,799,501

22,853,514

Asset-Backed Securities

– 0

–

1,049,885

17,442,244

18,492,129

Local Governments – US Municipal Bonds

– 0

–

5,264,811

– 0

–

5,264,811

Local Governments – Regional Bonds

– 0

–

4,894,223

– 0

–

4,894,223

Governments – Sovereign Bonds

– 0

–

3,583,075

– 0

–

3,583,075

Preferred Stocks

2,359,913

– 0

–

1,062,845

3,422,758

Inflation-Linked Securities

– 0

–

901,630

2,376,621

3,278,251

Collateralized Loan Obligations

– 0

–

– 0

–

1,617,542

Quasi-Sovereigns

– 0

–

1,089,067

– 0

–

1,089,067

Whole Loan Trusts

– 0

–

– 0

–

635,195

Warrants

327,131

– 0

–

150,341

477,472

Options Purchased – Puts

– 0

–

294,733

– 0

–

294,733

Rights

– 0

–

– 0

–

8,041

Short-Term Investments:

Investment Companies

34,085,825

– 0

–

– 0

–

34,085,825

Time Deposits

– 0

–

5,262,203

– 0

–

5,262,203

Emerging Markets – Sovereigns

– 0

–

4,043,397

– 0

–

4,043,397

Total Investments in Securities

85,052,381

1,017,810,756

72,611,233

1,175,474,370

Other Financial Instruments*:

Assets

Futures

34,532

– 0

–

– 0

–

34,532

^†

Forward Currency Exchange Contracts

– 0

–

5,361,128

– 0

–

5,361,128

Centrally Cleared Credit Default Swaps

– 0

–

23,400,997

– 0

–

23,400,997

^†

Centrally Cleared Interest Rate Swaps

– 0

–

5,786,170

– 0

–

5,786,170

^†

Credit Default Swaps

– 0

–

280,519

– 0

–

280,519

Total Return Swaps

– 0

–

289,654

– 0

–

289,654

Variance Swaps

– 0

–

16,876

– 0

–

16,876


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Investments in Securities	Level 1			Level 2			Level 3			Total
Liabilities
Futures	$	(403,548	)	$	– 0	–	$	– 0	–	$	(403,548	)^†
Forward Currency Exchange Contracts		– 0	–		(7,009,790	)		– 0	–		(7,009,790	)
Credit Default Swaptions Written		– 0	–		(4,560	)		– 0	–		(4,560	)
Currency Options Written		– 0	–		(1,654,621	)		– 0	–		(1,654,621	)
Centrally Cleared Credit Default Swaps		– 0	–		(11,288,019	)		– 0	–		(11,288,019	)^†
Centrally Cleared Interest Rate Swaps		– 0	–		(5,780,497	)		– 0	–		(5,780,497	)^†
Credit Default Swaps		– 0	–		(13,432,758	)		– 0	–		(13,432,758	)
Variance Swaps		– 0	–		(77,575	)		– 0	–		(77,575	)
Reverse Repurchase Agreements		(29,881,987	)		– 0	–		– 0	–		(29,881,987	)

Total^{^}	$	54,801,378		$	1,013,698,280		$	72,611,233		$	1,141,110,891

#	The Fund held securities with zero market value at period end.

Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

†

Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Centrally cleared swaps with upfront premiums are presented here at market value.

^	There were no transfers between Level 1 and Level 2 during the reporting period.

The Fund recognizes all transfers between levels of the fair value hierarchy assuming the financial instrument was transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Corporates - Non-Investment Grade^#			Emerging Markets - Corporate Bonds			Bank Loans			Common Stocks^#
Balance as of 3/31/18	$	15,053,741		$	553,206		$	1,590,628		$	13,010,053
Accrued discounts/ (premiums)		(28,396	)		(82,694	)		11,087			– 0	–
Realized gain (loss)		123,657			– 0	–		3			549,971
Change in unrealized appreciation/depreciation		760,362			(50,535	)		65,680			209,063
Purchases/Payups		4,491,552			47,819			8,118,961			3,617,431
Sales/Paydowns		(8,931,581	)		– 0	–		(1,259	)		(5,597,152	)
Transfers into Level 3		373,908			– 0	–		370,316			– 0	–
Transfers out of Level 3		(2,631,989	)		– 0	–		(1,590,628	)		(1,514,301	)

Balance as of 9/30/18	$	9,211,254		$	467,796		$	8,564,788		$	10,275,065

Net change in unrealized appreciation/depreciation from investments held as of 9/30/18**	$	(1,237,956	)	$	20,611		$	65,680		$	851,439


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	Commercial Mortgage- Backed Securities			Asset- Backed Securities			Preferred Stocks^#			Inflation- Linked Securites
Balance as of 3/31/18	$	22,880,554		$	14,570,891		$	11,080,588		$	2,520,151
Accrued discounts/ (premiums)		26,704			50,215			– 0	–		2,771
Realized gain (loss)		(194,369	)		557,579			165,723			– 0	–
Change in unrealized appreciation/depreciation		808,487			(1,160,316	)		(2,409,298	)		(146,301	)
Purchases		1,223,595			4,833,991			1,062,845			– 0	–
Sales/Paydowns		(3,945,470	)		(2,382,075	)		(8,837,013	)		– 0	–
Transfers into Level 3		– 0	–		971,959			– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–		– 0	–

Balance as of 9/30/18	$	20,799,501		$	17,442,244		$	1,062,845		$	2,376,621

Net change in unrealized appreciation/depreciation from investments held as of 9/30/18**	$	682,034		$	(1,096,861	)	$	(198,892	)	$	(146,301	)


	Collateralized Loan Obligations			Whole Loan Trusts			Warrants^#			Rights
Balance as of 3/31/18	$	1,927,561		$	2,309,413		$	225,992		$	– 0	–
Accrued discounts/ (premiums)		6,501			1,371			– 0	–		– 0	–
Realized gain (loss)		(1,566	)		(770,632	)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		(14,954	)		460,102			17,540			8,041
Purchases		– 0	–		– 0	–		132,800			– 0	–
Sales/Paydowns		(300,000	)		(1,365,059	)		– 0	–		– 0	–
Transfers into Level 3		– 0	–		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		(225,991	)		– 0	–

Balance as of 9/30/18	$	1,617,542		$	635,195		$	150,341		$	8,041

Net change in unrealized appreciation/depreciation from investments held as of 9/30/18**	$	(16,138	)	$	(154,011	)	$	17,540		$	8,041


	Total
Balance as of 3/31/18	$	85,722,778
Accrued discounts/ (premiums)		(12,441	)
Realized gain (loss)		430,366
Change in unrealized appreciation/depreciation		(1,452,129	)
Purchases/Payups		23,528,994
Sales/Paydowns		(31,359,609	)
Transfers into Level 3		1,716,183
Transfers out of Level 3		(5,962,909	)

Balance as of 9/30/18	$	72,611,233	⁺

Net change in unrealized appreciation/depreciation from investments held as of 9/30/18**	$	(1,204,814	)


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#	The Fund held securities with zero market value that were sold/expired/written off during the reporting period.

**	The unrealized appreciation/depreciation is included in net change in unrealized appreciation/depreciation on investments and other financial instruments in the accompanying statement of operations.

+	There were de minimis transfers under1% of net assets during the reporting period.

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at September 30, 2018. Securities priced (i) by third party vendors or (ii) by brokers are excluded from the following table.

Quantitative Information about Level 3 Fair Value Measurements


	Fair Value at 9/30/18		Valuation Technique	Unobservable Input	Range / Weighted Average
Corporates – Non-Investment Grade	$	559,251	Qualitative Assessment	Par Value	$100.00 / N/A
	$	336,499	Recovery Analysis	Collateral Value	$100.00 / N/A

	$	895,750

Common Stocks	$	2,961,698	Market Approach	NAV Equivalent	$1,002.95 / N/A
	$	2,340,384	Recovery Analysis	Liquidation Value	$317.81 / N/A
	$	834,317	Market Approach	EBITDA* Projection	$44.6mm / N/A
				EBITDA* Multiples	6.4X-8.4X / 7.4X
	$	583,347	Market Approach	EBITDA* Projection	$505mm / N/A
				EBITDA* Multiples	14.6X / N/A
	$	90,814	Market Approach	EBITDA* Projection	$172.0mm / NA
				EBITDA* Multiples	4.3X-6.3X / 5.3X
	$	80,316	Market Approach	EBITDA* Projection	$43.3mm / N/A
				EBITDA* Multiples	3.2X-5.2X / 4.2X
	$	33,532	Market Approach	EBITDA* Projection	$75mm / N/A
				EBITDA* Multiples	4.3X / N/A


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	Fair Value at 9/30/18			Valuation Technique	Unobservable Input	Range / Weighted Average
	$	17,130		Market Approach	EBITDA* Projection	$379.1mm / N/A
					EBITDA* Multiples	12.5X / N/A
	$	– 0	–	Qualitative Assessment		$0.00 / N/A

	$	6,941,538

Preferred Stocks	$	1,062,845		Market Approach	EBITDA* Projection	$505mm / N/A
					EBITDA* Multiples	14.6X / N/A
Whole Loan Trusts	$	461,732		Recovery Analysis	Cumulative Loss	<20% / NA
	$	83,222		Discounted Cash Flow	Level Yield	32.11% / N/A
	$	54,902		Discounted Cash Flow	Level Yield	27.25% / N/A
	$	35,339		Discounted Cash Flow	Level Yield	34.94% / N/A

	$	635,195

Warrants.	$	148,527		Option Pricing Model	Exercise Price	$5.10 / N/A
	$	1,814		Option Pricing Model	Exercise Price	$4.63 / N/A

	$	150,341

*	Earnings Before Interest, Taxes, Depreciation and Amortization.

Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in Collateral Value, NAV Equivalent, Liquidation Value, Exercise Price, EBITDA projections and EBITDA Multiple in isolation would be expected to result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in Level Yield and Cumulative Loss in isolation would be expected to result in a significant lower (higher) fair value measurement.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Fund. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair


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value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments, and process at vendors, 2) daily comparisons of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at the rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation and depreciation of foreign currency denominated assets and liabilities.


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4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date securities are purchased or sold. Investment gains and losses are determined on the identified cost basis. The Fund amortizes premiums and accretes discounts as adjustments to interest income.

6. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .90% of the Fund’s average weekly net assets. Such fee is accrued daily and paid monthly.

For the six months ended September 30, 2018, the Adviser reimbursed the Fund $12,130 for trading losses incurred due to trade entry errors.

Pursuant to the amended administration agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser, provided, however, that the reimbursement may


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NOTES TO FINANCIAL STATEMENTS (continued)

not exceed .15% annualized of average weekly net assets. For the six months ended September 30, 2018, the reimbursement for such services amounted to $39,090.

Under the terms of a Shareholder Inquiry Agency Agreement with AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly owned subsidiary of the Adviser, the Fund reimburses ABIS for costs relating to servicing phone inquiries on behalf of the Fund. During the six months ended September 30, 2018, there was no such reimbursement paid to ABIS.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of ..20% of the portfolio’s average daily net assets and bears its own expenses. Effective August 1, 2018, the Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio until August 31, 2019. In connection with the investment by the Fund in the Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fees of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended September 30, 2018, such waiver amounted to $22,066.

A summary of the Fund’s transactions in AB mutual funds for the six months ended September 30, 2018 is as follows:


Fund	Market Value 03/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	16,318	$	240,654	$	222,886	$	34,086	$	223

Brokerage commissions paid on investment transactions for the six months ended September 30, 2018 amounted to $94,209, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co., LLC or Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended September 30, 2018 were as follows:


	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	247,790,089	$	302,494,945
U.S. government securities		43,976,159		22,435,132


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The cost of investments for federal income tax purposes was substantially the same as cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:


Gross unrealized appreciation	$	66,685,020
Gross unrealized depreciation		(91,905,664	)

Net unrealized depreciation	$	(25,220,644	)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

•

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sales commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended September 30, 2018, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

•

Futures

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect


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correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Fund enters into a future, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a future can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended September 30, 2018, the Fund held futures for hedging and non-hedging purposes.

•

Option Transactions

For hedging and investment purposes, the Fund may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Fund may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.


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The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the option written. The fund’s maximum payment for written put options equates to the number of shares multiplied by the strike price, as included on the Portfolio of Investments. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Fund on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerages, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Fund could result in the Fund’s selling or buying a security or currency at a price different from the current market value.

The Fund may also invest in options on swaps, also called “swaptions”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium”. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return of a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties. The fund’s


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maximum payment for written put swaptions equates to the notional amount of the underlying swap. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract.

During the six months ended September 30, 2018, the Fund held purchased options for hedging and non-hedging purposes.

During the six months ended September 30, 2018, the Fund held written options for hedging and non-hedging purposes.

During the six months ended September 30, 2018, the Fund held purchased swaptions for hedging and non-hedging purposes.

During the six months ended September 30, 2018, the Fund held written swaptions for hedging and non-hedging purposes.

•

Swaps

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk, or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures including by making direct investments in foreign currencies, as described below under “Currency Transactions”. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where


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applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for OTC swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into


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interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Fund may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Fund anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended September 30, 2018, the Fund held interest rate swaps for hedging and non-hedging purposes.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap agreement, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap agreement, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation.

In certain circumstances, Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same reference obligation with the same counterparty. As of September 30, 2018, the Fund had Buy Contracts outstanding with respect to the same referenced obligation


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and counterparty as certain Sale Contracts which may partially offset the Maximum Payout Amount in the amount of $58,839,363.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose its investment. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received may be less than the Maximum Payout Amount it pays to the buyer, resulting in a loss to the Fund.

Implied credit spreads over Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the market’s assessment of the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced entity’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

During the six months ended September 30, 2018, the Fund held credit default swaps for hedging and non-hedging purposes.

Total Return Swaps:

The Fund may enter into total return swaps in order to take a “long” or “short” position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty.

During the six months ended September 30, 2018, the Fund held total return swaps for non-hedging purposes.


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Variance Swaps:

The Fund may enter into variance swaps to hedge equity market risk or adjust exposure to the equity markets. Variance swaps are contracts in which two parties agree to exchange cash payments based on the difference between the stated level of variance and the actual variance realized on underlying asset(s) or index(es). Actual “variance” as used here is defined as the sum of the square of the returns on the reference asset(s) or index(es) (which in effect is a measure of its “volatility”) over the length of the contract term. So the parties to a variance swap can be said to exchange actual volatility for a contractually stated rate of volatility.

During the six months ended September 30, 2018, the Fund held variance swaps for non-hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty below for additional details.


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During the six months ended September 30, 2018 the Fund had entered into the following derivatives:

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

3,322,957

Receivable/Payable for variation margin on centrally cleared swaps

2,685,124

Interest rate contracts

Receivable/Payable for variation margin on futures

403,548

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

5,361,128

Unrealized depreciation on forward currency exchange contracts

7,009,790

Foreign currency contracts

Unrealized appreciation on variance swaps

16,876

Unrealized depreciation on variance swaps

77,575

Foreign currency contracts

Investments in securities, at value

294,733

Foreign currency contracts

Options written, at value

1,654,621

Credit contracts

Market value of credit default swaps

280,519

Market value of credit default swaps

13,432,758

Credit contracts

Receivable/Payable for variation margin on centrally cleared swaps

3,033,513

Receivable/Payable for variation margin on centrally cleared swaps

1,224,504

Credit contracts

Swaptions written, at value

4,560

Equity contracts

Unrealized appreciation on total return swaps

289,654

Equity contracts

Receivable/Payable for variation margin on futures

34,532

Total

12,633,912

26,492,480

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/depreciation on futures and centrally cleared swaps as reported in the portfolio of investments.


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Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain/(loss) on swaps; Net change in unrealized appreciation/ depreciation on swaps	$	(146,534	)	$	700,632

Interest rate contracts	Net realized gain/(loss) on futures; Net change in unrealized appreciation/ depreciation on futures		(677,164	)		(947,431	)

Interest rate contracts	Net realized gain/(loss) on investment transactions; Net change in unrealized appreciation/depreciation on investments		106,013			– 0	–

Interest rate contracts	Net realized gain/(loss) on swaptions written; Net change in unrealized appreciation/depreciation on swaptions written		77,570			– 0	–

Foreign currency contracts	Net realized gain/(loss) on swaps; Net change in unrealized appreciation/ depreciation on swaps		4,020,895			(60,468	)

Foreign currency contracts	Net realized gain/(loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation on forward currency exchange contracts		25,393,903			(3,400,340	)

Foreign currency contracts	Net realized gain/(loss) on investment transactions; Net change in unrealized appreciation/depreciation on investments		(661,507	)		76,999
Foreign currency contracts	Net realized gain/(loss) on options written; Net change in unrealized appreciation/depreciation on options written		1,543,048			(998,336	)


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Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)

Credit contracts	Net realized gain/(loss) on investment transactions; Net change in unrealized appreciation/depreciation on investments	$	(162,640	)	$	– 0	–

Credit contracts	Net realized gain/(loss) on swaps; Net change in unrealized appreciation/ depreciation on swaps		2,584,560			5,993,275

Credit contracts	Net realized gain/(loss) on swaptions written; Net change in unrealized appreciation/depreciation on swaptions written		259,422			(19,175	)

Equity contracts	Net realized gain/(loss) on swaps; Net change in unrealized appreciation/ depreciation on swaps		1,331,836			464,115

Equity contracts	Net realized gain/(loss) on futures; Net change in unrealized appreciation/depreciation on futures		(300,815	)		212,967

Equity contracts	Net realized gain/(loss) on investment transactions; Net change in unrealized appreciation/depreciation on investments		(145,093	)		– 0	–

Equity contracts	Net realized gain/(loss) on options written; Net change in unrealized appreciation/depreciation on options written		130,894			– 0	–

Total		$	33,354,388		$	2,022,238


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The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended September 30, 2018:


Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	68,091,742
Average notional amount of sale contracts	$	198,650,601

Centrally Cleared Interest Rate Swaps:
Average notional amount	$	462,857,143

Credit Default Swaps:
Average notional amount of buy contracts	$	720,000	^(a)
Average notional amount of sale contracts	$	77,334,654

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	339,239,505
Average principal amount of sale contracts	$	534,844,369

Futures:
Average original value of buy contracts	$	90,972,251
Average original value of sale contracts	$	10,814,365

Total Return Swaps:
Average notional amount	$	65,564,903

Variance Swaps:
Average notional amount	$	3,794,127

Options Written:
Average notional amount	$	147,745,696

Purchased Options:
Average notional amount	$	52,637,235	^(a)

Swaptions Written:
Average notional amount	$	39,593,000	^(a)

Purchased Swaptions:
Average notional amount	$	35,066,057	^(b)

(a)	Positions were open for five months during the reporting period.

(b)	Positions were open for four months during the reporting period.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of September 30, 2018. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.


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Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivatives Assets
Bank of America, NA	$	249,099	$	(55,415	)	$	– 0	–	$	– 0	–	$	193,684
Barclays Bank PLC		177,426		(177,426	)		– 0	–		– 0	–		– 0	–
BNP Paribas SA		1,246,357		(964,593	)		– 0	–		– 0	–		281,764
Brown Brothers Harriman & Co.		67,485		(67,485	)		– 0	–		– 0	–		– 0	–
Citibank, NA		242,256		(242,256	)		– 0	–		– 0	–		– 0	–
Credit Suisse International		913,241		(913,241	)		– 0	–		– 0	–		– 0	–
Deutsche Bank AG		16,876		(16,876	)		– 0	–		– 0	–		– 0	–
Goldman Sachs Bank USA/Goldman Sachs International		390,255		(390,255	)		– 0	–		– 0	–		– 0	–
HSBC Bank USA		127,487		(127,487	)		– 0	–		– 0	–		– 0	–
JPMorgan Chase Bank, NA		1,133,238		(1,133,238	)		– 0	–		– 0	–		– 0	–
Morgan Stanley & Co. International PLC/ Morgan Stanley Capital Services LLC		1,049,521		(1,049,521	)		– 0	–		– 0	–		– 0	–
Royal Bank of Scotland PLC		65,916		(65,916	)		– 0	–		– 0	–		– 0	–
Standard Chartered Bank		398,515		(398,515	)		– 0	–		– 0	–		– 0	–
UBS AG		165,238		(165,238	)		– 0	–		– 0	–		– 0	–

Total	$	6,242,910	$	(5,767,462	)	$	– 0	–	$	– 0	–	$	475,448	^{^}


Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivatives Liabilities
Bank of America, NA	$	55,415	$	(55,415	)	$	– 0	–	$	– 0	–	$	– 0	–
Barclays Bank PLC		646,544		(177,426	)		– 0	–		(469,118	)		– 0	–
BNP Paribas SA		964,593		(964,593	)		– 0	–		– 0	–		– 0	–
Brown Brothers Harriman & Co.		81,846		(67,485	)		– 0	–		– 0	–		14,361
Citibank, NA		2,132,249		(242,256	)		– 0	–		(1,532,637	)		357,356
Credit Suisse International		1,909,641		(913,241	)		– 0	–		(934,212	)		62,188
Deutsche Bank AG		226,947		(16,876	)		– 0	–		– 0	–		210,071
Goldman Sachs Bank USA/Goldman Sachs International		8,924,627		(390,255	)		– 0	–		(8,534,372	)		– 0	–
HSBC Bank USA		187,844		(127,487	)		– 0	–		– 0	–		60,357
JPMorgan Chase Bank, NA		2,607,551		(1,133,238	)		– 0	–		(1,474,313	)		– 0	–
Morgan Stanley & Co. International PLC/ Morgan Stanley Capital Services LLC		2,717,100		(1,049,521	)		– 0	–		(1,667,579	)		– 0	–


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Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivatives Liabilities
Royal Bank of Scotland PLC.	$	274,764	$	(65,916	)	$	– 0	–	$	(208,848	)	$	– 0	–
Standard Chartered Bank		401,318		(398,515	)		– 0	–		– 0	–		2,803
UBS AG		1,048,865		(165,238	)		– 0	–		(883,627	)		– 0	–

Total	$	22,179,304	$	(5,767,462	)	$	– 0	–	$	(15,704,706	)	$	707,136	^{^}

*	The actual collateral received/pledged may be more than the amount reported due to overcollateralization.

^	Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

See Note C.3 for additional disclosure of netting arrangements regarding reverse repurchase agreements.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

3. Reverse Repurchase Agreements

The Fund may enter into reverse repurchase transactions (“RVP”) in accordance with the terms of a Master Repurchase Agreement (“MRA”), under which the Fund sells securities and agrees to repurchase them at a mutually agreed upon date and price. At the time the Fund enters into a reverse repurchase agreement, it will establish a segregated account with the custodian containing liquid assets having a value comparable to the repurchase price. Under the MRA and other Master Agreements, the Fund is permitted to offset payables and/or receivables with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund in the event of a default. In the event of a default by a MRA counterparty, the Fund may be considered an unsecured creditor with respect to any excess collateral (collateral with a market value in excess of the repurchase price) held by and/or posted to the counterparty, and as such the return of such excess collateral may be delayed or denied. For the six months ended September 30, 2018, the average amount of


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reverse repurchase agreements outstanding was $58,539,047 and the daily weighted average interest rate was 1.10%. At September 30, 2018, the Fund had reverse repurchase agreements outstanding in the amount of $29,881,987 as reported in the statement of assets and liabilities.

The following table presents the Fund’s RVP liabilities by counterparty net of the related collateral pledged by the Fund as of September 30, 2018:


Counterparty	RVP Liabilities Subject to a MRA		Securities Collateral Pledged^†*			Net Amount of RVP Liabilities
Barclays Capital, Inc.	$	11,389,820	$	(11,230,803	)	$	159,017
Credit Suisse Securities (USA) LLC		3,898,122		(3,898,122	)		– 0	–
JPMorgan Chase Bank, NA		9,965,637		(9,957,591	)		8,046
RBC Capital Markets		4,628,408		(4,628,408	)		– 0	–

	$	29,881,987	$	(29,714,924	)	$	167,063

†	Including accrued interest.

*	The actual collateral pledged may be more than the amount reported due to overcollateralization.

4. Loan Participations and Assignments

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated (“Participations”) or by buying an interest in the loan in the secondary market from a financial institution or institutional investor (“Assignments”). A loan is often administered by a bank or other financial institution (the “Lender”) that acts as agent for all holders. The agent administers the terms of the loan as specified in the loan agreement. When investing in Participations, the Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. In addition, when investing in Participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender and only upon receipt of payments by the Lender from the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the Lender. When the Fund purchases Assignments from Lenders, it will typically acquire direct rights against the borrower on the loan. These loans may include participations in “bridge loans”, which are loans taken out by borrowers for a short period (typically less than six months) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high-yield bonds issued for the purpose of acquisitions. The Fund may also participate in unfunded loan commitments, which are contractual obligations for investing in future Participations, and may receive a commitment fee based on the amount of the commitment. Under these arrangements, the Fund may receive a fixed rate commitment fee and, if and to the extent the borrower borrows under the facility, the Fund may receive an additional funding fee.


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NOTES TO FINANCIAL STATEMENTS (continued)

Unfunded loan commitments and funded loans are marked to market daily.

As of September 30, 2018, the Fund had no unfunded loan commitments outstanding.

As of September 30, 2018, the Fund had no bridge loan commitments outstanding.

During the six months ended September 30, 2018, the Fund received commitment fees or additional funding fees in the amount of $97,500.

NOTE D

Capital Stock

During the six months ended September 30, 2018 and the year ended March 31, 2018, the Fund issued no shares in connection with the Fund’s dividend reinvestment plan.

NOTE E

Risks Involved in Investing in the Fund

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of the Fund’s investments in fixed-income debt securities such as bonds or notes. Increases in interest rates may cause the value of the Fund’s investments to decline. Credit risk is the risk that the issuer or guarantor of a debt security, or the counterparty to a derivative contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The degree of risk for a particular security may be reflected in its credit rating. Credit risk is greater for medium quality and lower-rated securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative risks.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, generally a fixed-income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater if the Fund invests a significant portion of its assets in fixed-income securities with longer maturities.


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NOTES TO FINANCIAL STATEMENTS (continued)

Liquidity Risk—Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling out of these illiquid or relatively less liquid securities at an advantageous price. Causes of liquidity risk may include low trading volume, lack of a market maker, a large position, or legal restrictions that limit or prevent a Fund from selling securities or closing derivative positions at desirable prices or opportune times. Over recent years, the capacity of dealers to make markets in fixed income securities has been outpaced by the growth in the size of the fixed income markets. Liquidity risk maybe magnified in a rising interest rate environment, where the value and liquidity of fixed income securities generally go down. Derivatives and securities involving substantial market and credit risk tend to involve greater liquidity risk. Illiquid securities and relatively less liquid securities may also be difficult to value.

Mortgage-Backed and/or Other Asset-Backed Securities Risk—Investments in mortgage-backed and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors. Risks relating to investments in securities of non- U.S. issuers may be heightened with respect to investments in emerging-market countries, where there may be: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed. Foreign investment in the securities markets of certain foreign countries is restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude investment in certain securities and may increase the costs and expenses of the Fund.


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NOTES TO FINANCIAL STATEMENTS (continued)

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Derivatives Risk—The Fund may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Fund, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected in the statement of assets and liabilities.

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining. The risks of leverage also include potentially a higher volatility of the NAV of the common stock, potentially more volatility in the market value of the common stock and the relatively greater effect on the NAV of the common stock caused by the favorable or adverse changes in portfolio security values or currency exchange rates. In addition, changes in the interest rate environment can increase or decrease shareholder returns. The Fund maintains asset coverage of at least 300% with respect to borrowings.

To the extent that the current interest rate on the Fund’s indebtedness approaches the net return on the leveraged portion of the Fund’s investment portfolio, then the benefit to the shareholders will be reduced. If the rate on indebtedness were to exceed the net return on the same portion of the portfolio, then this would result in a lower rate of return for the shareholders. Similarly, the use of leverage in a declining market can advance the decrease of the Fund’s NAV more so than if the Fund were not leveraged, which would likely be reflected in a greater decline in the market price for shares of common stock than if the Fund were not leveraged. In extreme cases, if the Fund’s current investment income were not sufficient to meet interest payments on indebtedness or if the Fund failed to maintain the asset coverage required by the 1940 Act, then it could be necessary for the Fund to liquidate certain investments at a time when it may be


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NOTES TO FINANCIAL STATEMENTS (continued)

disadvantageous to do so. The use of derivative instruments by the Fund, such as forwards, futures, options and swaps, may result in a form of leverage.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

NOTE F

Distributions to Shareholders

The tax character of distributions paid for the year ending March 31, 2019 will be determined at the end of the current fiscal year.

The tax character of distributions paid during the fiscal years ended March 31, 2018 and March 31, 2017 were as follows:


	2018		2017
Distributions paid from:
Ordinary income	$	71,764,491	$	81,900,947

Total taxable distributions paid		71,764,491		81,900,947
Return of capital		564,962		– 0	–

Total distributions paid	$	72,329,453	$	81,900,947

As of March 31, 2018, the components of accumulated earnings/(deficit) on a tax basis were as follows:


Accumulated capital and other losses	$	(23,231,175	)^(a)
Other losses		(10,802,515	)^(b)
Unrealized appreciation/(depreciation)		11,627,888	^(c)

Total accumulated earnings/(deficit)	$	(22,405,802	)^(d)

(a)	As of March 31, 2018, the Fund had a net capital loss carryforward of $23,231,175.

(b)	As of March 31, 2018, the Fund had a qualified late-year ordinary loss deferral of $10,802,515. This loss is deemed to arise on April 1, 2018.

(c)

The differences between book-basis and tax-basis unrealized appreciation/(depreciation)are attributable primarily to the tax deferral of losses on wash sales, the tax treatment of swaps, the tax treatment of passive foreign investment companies (PFICs), the tax treatment of partnership investments, and the recognition for tax purposes of unrealized gains/losses on certain derivative instruments.

(d)	The difference between book-basis and tax-basis components of accumulated earnings/(deficit) is attributable primarily to the tax treatment of defaulted securities.


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NOTES TO FINANCIAL STATEMENTS (continued)

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of March 31, 2018, the Fund had a net short-term capital loss carryforward of $5,015,415 and a net long-term capital loss carryforward of $18,215,760, which may be carried forward for an indefinite period.

NOTE G

Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement which removes, modifies and adds disclosures to Topic 820. The amendments in this ASU 2018-13 apply to all entities that are required, under existing U.S. GAAP, to make disclosures about recurring or nonrecurring fair value measurements. The amendments in this ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2018, the U.S. Securities and Exchange Commission adopted amendments to certain disclosure requirements included in Regulation S-X that had become “redundant, duplicative, overlapping, outdated or superseded, in light of the other Commission disclosure requirements, GAAP or changes in the information environment.” The compliance date for the amendments to Regulation S-X was November 5, 2018 (for reporting period end dates of September 30, 2018 or after). Management has evaluated the impact of the amendments and determined the effect of the adoption of the rules will simplify certain disclosure requirements on the financial statements.


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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE H

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.


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FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Six Months Ended September 30, 2018 (unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2018 (unaudited)			2018			2017			2016			2015			2014


Net asset value, beginning of period		$ 13.56			$ 13.87			$ 12.64			$ 14.01			$ 15.19			$ 15.70

Income From Investment Operations
Net investment income^(a)		.40			.83			.82			.89			1.00			1.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.28	)		(.30	)		1.36			(1.15	)		(.74	)		(.07	)
Contributions from Affiliates		.00	^(b)		– 0	–		.00	^(b)		– 0	–		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		.12			.53			2.18			(.26	)		.26			1.07

Less: Dividends and Distributions
Dividends from net investment income		(.42	)		(.83	)		(.95	)		(1.11	)		(1.21	)		(1.30	)
Return of capital		– 0	–		(.01	)		– 0	–		– 0	–		– 0	–		– 0	–
Distributions from net realized gain on investment and foreign currency transactions		– 0	–		– 0	–		– 0	–		– 0	–		(.23	)		(.28	)

Total dividends and distributions		(.42	)		(.84	)		(.95	)		(1.11	)		(1.44	)		(1.58	)

Net asset value, end of period		$ 13.26			$ 13.56			$ 13.87			$ 12.64			$ 14.01			$ 15.19

Market value, end of period		$ 11.65			$ 11.89			$ 12.58			$ 11.66			$ 12.57			$ 14.76

(Discount), end of period		(12.14	)%		(12.32	)%		(9.30	)%		(7.75	)%		(10.28	)%		(2.83	)%
Total Return
Total investment return based on:^(c)
Market value		1.56	%		0.95	%		16.47	%		2.20	%		(5.20	)%		0.37	%
Net asset value		1.36	%		4.42	%		18.46	%		(0.59	)%		2.68	%		7.44	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,143,776			$1,169,161			$1,195,920			$1,090,255			$1,207,977			$1,309,518
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.07	%^(e)		1.05	%		1.04	%		1.01	%		1.01	%		.98	%
Expenses, before waivers/reimbursements^(d)		1.08	%^(e)		1.05	%		1.04	%		1.01	%		1.01	%		.98	%
Net investment income		5.92	%^(e)		5.99	%		6.14	%		6.81	%		6.76	%		7.43	%
Portfolio turnover rate		25	%		34	%		48	%		42	%		48	%		36	%

See footnote summary on page 121.


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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

(a)	Based on average shares outstanding.

(b)	Amount is less than $0.005.

(c)Total

investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s Dividend Reinvestment Plan. Generally, Total investment return based on net asset value will be higher than total investment return based on market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods. Total investment return calculated for a period of less than one year is not annualized.

(d)	The expense ratios below exclude interest expense:


	Six Months Ended September 30, 2018 (unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2018 (unaudited)			2018			2017			2016			2015			2014

Net of waivers/reimbursements		99	%		.99	%		.99	%		.98	%		1.00	%		.97	%
Before waivers/reimbursements		1.00	%		.99	%		.99	%		.98	%		1.00	%		.97	%

(e)	Annualized.

See notes to financial statements.


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ADDITIONAL INFORMATION

(unaudited)

AllianceBernstein Global High Income Fund

Shareholders whose shares are registered in their own names will automatically be participants in the Dividend Reinvestment Plan (the “Plan”), pursuant to which distributions to shareholders will be paid in or reinvested in additional shares of the Fund, unless they elect to receive cash. Computershare Trust Company N.A. (the “Agent”) will act as agent for participants under the Plan. Shareholders whose shares are held in the name of a broker or nominee should contact such broker or nominee to determine whether or how they may participate in the Plan.

If the Board declares a distribution payable either in shares or in cash, as holders of the Common Stock may have elected, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in shares of Common Stock of the Fund valued as follows:

(i)

If the shares of Common Stock are trading at net asset value or at a premium above net asset value at the time of valuation, the Fund will issue new shares at the greater of net asset value or 95% of the then current market price.

(ii)

If the shares of Common Stock are trading at a discount from net asset value at the time of valuation, the Agent will receive the distribution in cash and apply it to the purchase of the Fund’s shares of Common Stock in the open market on the New York Stock Exchange or elsewhere, for the participants’ accounts. Such purchases will be made on or shortly after the payment date for such distribution and in no event more than 30 days after such date except where temporary curtailment or suspension of purchase is necessary to comply with Federal securities laws. If, before the Agent has completed its purchases, the market price exceeds the net asset value of a share of Common Stock, the average purchase price per share paid by the Agent may exceed the net asset value of the Fund’s shares of Common Stock, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund.

The Agent will maintain all shareholders’ accounts in the Plan and furnish written confirmation of all transactions in the account, including information needed by shareholders for tax records. Shares in the account of each Plan participant will be held by the Agent in non-certificate form in the name of the participant, and each shareholder’s proxy will include those shares purchased or received pursuant to the Plan.


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ADDITIONAL INFORMATION (continued)

There will be no charges with respect to shares issued directly by the Fund to satisfy the dividend reinvestment requirements. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Agent’s open market purchases of shares.

The automatic reinvestment of distributions will not relieve participants of any income taxes that may be payable (or required to be withheld) on distributions.

Experience under the Plan may indicate that changes are desirable. Accordingly, the Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to written notice of the change sent to participants in the Plan at least 90 days before the record date for such dividend or distribution. The Plan may also be amended or terminated by the Agent on at least 90 days written notice to participants in the Plan. All correspondence concerning the Plan should be directed to the Agent at Computershare Trust Company N.A., P.O. Box 30170 College Point, TX 77842-3170.


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RESULTS OF STOCKHOLDER MEETING

(unaudited)

The annual meeting of Stockholders of AllianceBernstein Global High Income Fund, Inc. (“the Fund”) was held on March 28, 2018. A description of the proposal and number of shares voted at the Meeting are as follows:

To elect Directors for a term of three years and until his or her successor is duly elected and qualifies.

Class Three (term expires 2021)


Director:	Voted For		Authority Withheld
Marshal C. Turner, Jr		74,038,347		3,049,108
Garry L. Moody		74,164,420		2,922,035
Earl D. Weiner		74,017,646		3,069,809


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BOARD OF DIRECTORS

Marshall C. Turner, Jr.⁽¹⁾, Chairman

Michael J. Downey⁽¹⁾

William H. Foulk, Jr.⁽¹⁾

Nancy P. Jacklin⁽¹⁾

Robert M. Keith, President and Chief Executive Officer

Carol C. McMullen⁽¹⁾

Garry L. Moody⁽¹⁾

Earl D. Weiner⁽¹⁾

OFFICERS

Paul J. DeNoon⁽²⁾, Vice President

Gershon M. Distenfeld⁽²⁾, Vice President

Matthew S. Sheridan⁽²⁾, Vice President

Douglas J. Peebles⁽²⁾, Vice President

Emilie D. Wrapp, Secretary

Michael B. Reyes, Senior Analyst

Joseph J. Mantineo, Treasurer and Chief Financial Officer

Stephen M. Woetzel, Controller

Vincent S. Noto, Chief Compliance Officer

Administrator

AllianceBernstein, L.P.

1345 Avenue of the Americas

New York, NY 10105

Custodian and Accounting Agent

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Dividend Paying Agent,

Transfer Agent and Registrar

Computershare Trust Company, N.A.

P.O. Box 30170

College Point, TX 77842-3170

Independent Registered Public Accounting Firm

Ernst & Young LLP

5 Times Square

New York, NY 10036

Legal Counsel

Seward & Kissel LLP

One Battery Park Plaza

New York, NY 10004

1	Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Global Fixed-Income: Emerging Market Investment Team. While all members of the team work jointly to determine the majority of the investment strategy including stock selection for the Fund, Messrs. DeNoon, Distenfeld, Peebles, and Sheridan, members of the Global Fixed-Income: Emerging Market Investment Team, are primarily responsible for the day-to-day management of the Fund’s portfolio.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase from time to time at market prices shares of its Common Stock in the open market.

This report, including the financial statements herein, is transmitted to the shareholders of AllianceBernstein Global High Income Fund for their information. The financial information included herein is taken from the records of the Fund. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.

Annual Certifications—As required, on April 18, 2018, the Fund submitted to the New York Stock Exchange (“NYSE”) the annual certification of the Fund’s Chief Executive Officer certifying that he is not aware of any violation of the NYSE’s Corporate Governance listing standards. The Fund also has included the certifications of the Fund’s Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act of 2002 as exhibits to the Fund’s Form N-CSR filed with the Securities and Exchange Commission for the reporting period.


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Information Regarding the Review and Approval of the Fund’s Advisory Agreement

As described in more detail in the Proxy Statement for Alliance California Municipal Income Fund, Inc. (“ACMIF”), AllianceBernstein Global High Income Fund, Inc. and AllianceBernstein National Municipal Income Fund, Inc. (each, a “Fund” and, collectively, the “Funds”) dated August 20, 2018 relating to a Joint Meeting of Stockholders originally scheduled to be held on October 11, 2018 and for ACMIF subsequently adjourned to November 14, 2018, the approval of new advisory agreements with the Adviser (the “Proposed Agreements”) for the Funds arises from the planned disposition by AXA S.A. of its remaining shares of AXA Equitable Holdings, Inc. (the indirect holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser) in one or more transactions and the related potential for one or more “assignments” (within the meaning of section 2(a)(4) of the Investment Company Act) of the advisory agreements for the Funds, resulting in the automatic termination of such advisory agreements.

The Boards also considered and approved interim advisory agreements with the Adviser (the “Interim Advisory Agreements”) for the Funds, to be effective only in the event that stockholder approval of a Proposed Agreement had not been obtained as of the date of one or more transactions resulting in an “assignment” of the Adviser’s advisory agreements, resulting in the automatic termination of such advisory agreements.

The Boards approved the Proposed Agreements and the Interim Advisory Agreements at a meeting held on July 31-August 2, 2018 and a discussion regarding the basis for the Boards’ approval is set forth below.

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of Potential Assignments

At a meeting of the Boards held on July 31-August 2, 2018, the Adviser presented its recommendation that the Boards consider and approve the Proposed Agreements. Section 15(c) of the 1940 Act provides that, after an initial period, a Fund’s Current Agreement will remain in effect only if the Board, including a majority of the Independent Directors, annually reviews and approves it. Each of the Current Agreements had been approved by a Board within the one-year period prior to approval of its related Proposed Agreement. In connection with their approval of the Proposed Agreements, the Boards considered their conclusions in connection with their most recent approvals of the Current Agreements, including the Boards’ general satisfaction with the nature and quality of services being provided. The Directors also reviewed updated information provided by the Adviser in respect of each Fund. Also in connection with their approval of the Proposed Agreements, the Boards considered a representation made to them at that time by the Adviser that there were no additional developments not


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already disclosed to the Boards since their most recent approvals of the Current Agreements that would be a material consideration to the Boards in connection with their consideration of the Proposed Agreements, except for matters disclosed to the Boards by the Adviser. The Directors considered the fact that each Proposed Agreement would have corresponding terms and conditions identical to those of the corresponding Current Agreement with the exception of the effective date and initial term under the Proposed Agreement.

The Directors considered their knowledge of the nature and quality of the services provided by the Adviser to each Fund gained from their experience as directors or trustees of registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the Directors and its responsiveness, frankness and attention to concerns raised by the Directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Funds. The Directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of each Fund.

The Directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the Directors evaluated, among other things, the reasonableness of the management fees of the Funds they oversee. The Directors did not identify any particular information that was all-important or controlling, and different Directors may have attributed different weights to the various factors. The Directors determined that the selection of the Adviser to manage the Funds, and the overall arrangements between the Funds and the Adviser, as provided in the Proposed Agreements, including the management fees, were fair and reasonable in light of the services performed under the Current Agreements and to be performed under the Proposed Agreements, expenses incurred and to be incurred and such other matters as the Directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the Directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The Directors considered the scope and quality of services to be provided by the Adviser under the Proposed Agreements, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Funds. They also considered the information that had been provided to them by the Adviser concerning the anticipated implementation of the Plan and the Adviser’s representation that it did not anticipate that such implementation would affect the


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management or structure of the Adviser, have a material adverse effect on the Adviser, or adversely affect the quality of the services provided to the Funds by the Adviser and its affiliates. The Directors noted that the Adviser from time to time reviews each Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the Directors’ consideration. They also noted the professional experience and qualifications of each Fund’s portfolio management team and other senior personnel of the Adviser. The Directors also considered that the Proposed Agreements for ACMIF and ANMIF, similar to the corresponding Current Agreements, provide that such Funds will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Funds by employees of the Adviser or its affiliates, and that the Adviser receives similar reimbursements from AGHIF pursuant to a separate Administration Agreement with AGHIF. The Directors noted that historically, including in the most recent fiscal year of ACMIF and ANMIF, the Adviser has not requested such reimbursements. The Directors noted that the methodology to be used to determine the reimbursement amounts for AGHIF had been reviewed by an independent consultant retained by the Funds’ former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Funds’ other service providers, also was considered. The Directors of each Fund concluded that, overall, they were satisfied with the nature, extent and quality of services to be provided to the Funds under the Proposed Agreement for the Fund.

Costs of Services to be Provided and Profitability

The Directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of each Fund to the Adviser for calendar years 2016 and 2017 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Funds’ former Senior Officer/Independent Compliance Officer. The Directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The Directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with a Fund, including those relating to its subsidiary that provides shareholder services to the Fund. The Directors recognized that it is difficult to make comparisons of the profitability of the Proposed Agreements with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The Directors focused on the profitability of the Adviser’s relationship with each Fund before taxes. The Directors concluded that the Adviser’s level of profitability from its relationship with each Fund was not unreasonable.


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Fall-Out Benefits

The Directors considered the other benefits to the Adviser and its affiliates from their relationships with the Funds, including, but not limited to, benefits relating to shareholder servicing fees paid by the Funds to a wholly owned subsidiary of the Adviser. The Directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The Directors understood that the Adviser also might derive reputational and other benefits from its association with the Funds.

Investment Results

In addition to the information reviewed by the Directors in connection with the Board meeting at which the Proposed Agreements were approved, the Directors receive detailed performance information for the Funds at each regular Board meeting during the year.

The Boards’ consideration of each Proposed Agreement was informed by their most recent approval of the related Current Agreement. On the basis of this review, the Directors concluded that each Fund’s investment performance was acceptable.

Management Fees and Other Expenses

The Directors considered the management fee rate (and, in the case of AGHIF, the combined management fee and administrative fee) payable by each Fund to the Adviser and information prepared by an independent service provider (the ‘‘15(c) provider’’) concerning management fee rates payable by other funds in the same category as the Fund. The Directors recognized that it is difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other funds. The Directors compared each Fund’s contractual management fee rate with a peer group median.

The Adviser informed the Directors that there were no institutional products managed by the Adviser that have a substantially similar investment style as the Funds.

With respect to each Fund’s management fee, the Directors considered the total expense ratios of the Fund in comparison to a peer group selected by the 15(c) service provider. The Directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to a Fund by others.


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Economies of Scale

The management fee schedules for the Funds do not contain breakpoints that reduce the fee rates on assets above specified levels. The Directors considered that the Funds are closed-end fixed-income funds and were not expected to have meaningful asset growth (absent a rights offering or an acquisition). In such circumstances, the Directors did not view the potential for realization of economies of scale as a Fund’s assets grow to be a material factor in their deliberations. They noted that, if a Fund’s net assets were to increase materially, they would review whether potential economies of scale were being realized.

Interim Advisory Agreements

In approving the Interim Advisory Agreements, the Boards, with the assistance of independent counsel, considered similar factors to those considered in approving the Proposed Agreements. The Interim Advisory Agreements approved by the Boards are identical to the Proposed Agreements, as well as the Current Agreements, in all material respects except for their proposed effective and termination dates and provisions intended to comply with the requirements of the relevant SEC rule, such as provisions requiring escrow of advisory fees. Under the Interim Advisory Agreements, the Adviser would continue to manage a Fund pursuant to an Interim Advisory Agreement until a new advisory agreement was approved by stockholders or until the end of the 150-day period, whichever would occur earlier. All fees earned by the Adviser under an Interim Advisory Agreement would be held in escrow pending stockholder approval of the Proposed Agreement. Upon approval of a new advisory agreement by stockholders, the escrowed management fees would be paid to the Adviser, and the Interim Advisory Agreement would terminate.

Information Regarding the Review and Approval of the Fund’s Current Advisory and Administration Agreements

The disinterested directors (the “directors”) of AllianceBernstein Global High Income Fund, Inc. (the “Fund”) unanimously approved the continuance of the Fund’s Advisory Agreement with the Adviser and the continuance of the Fund’s Administration Agreement with the Adviser (in such capacity, the “Administrator”) at a meeting held on October 31-November 2, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement and the Administration Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement and Administration Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also discussed the proposed continuances in private sessions with counsel and the Fund’s Senior Officer (who is also the Fund’s Independent Compliance Officer).


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The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the Administrator to provide administrative services to the Fund and the overall arrangements (i) between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee and (ii) between the Fund and the Administrator, as provided in the Administration Agreement, including the administration fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement and by the Administrator under the Administration Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund and the resources the Administrator has devoted to providing services to the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with


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the nature, extent and quality of services provided to the Fund under the Advisory Agreement and the Administration Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser (including in its capacity as Administrator) for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiary that provides shareholder services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to shareholder servicing fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the Fund’s performance against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2017. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.


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Advisory Fees and Other Expenses

The directors considered the latest fiscal year actual management fee rate paid by the Fund (combined advisory fee paid to the Adviser and administration fee paid to the Administrator) and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund. They compared the combined advisory and administration fees paid by the Fund to the advisory fees of other funds where there is no separate administrator. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s latest fiscal year total management fee rate (combined advisory fee paid to the Adviser plus the administration fee paid to the Administrator) with a peer group median. The directors noted that the total management fee rate was expressed as a percentage of net assets and would have been lower if expressed as a percentage of average total assets (i.e., net assets plus assets supported by leverage).

The directors also compared the Fund’s contractual advisory fee rate with the fee rate charged by the Adviser for advising an open-end high income fund that also invested globally, and noted historical differences in their fee structures.

The Adviser informed the directors that there were no institutional products managed by it that have a substantially similar investment style.

The directors also considered the total expense ratio of the Fund in comparison to a peer group selected by the 15(c) service provider. The expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The advisory fee schedule for the Fund does not contain breakpoints that reduce the fee rates on assets above specified levels. The directors considered that the Fund is a closed-end fixed-income fund and that it was not expected to have meaningful asset growth (absent a rights offering or an acquisition). In such circumstances, the directors did not view the potential for realization of economies of scale as the Fund’s assets grow to be a material factor in their deliberations. They noted that, if the Fund’s net assets were to increase materially, they would review whether potential economies of scale were being realized.


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This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

US CORE

Core Opportunities Fund

FlexFee^™ US Thematic Portfolio

Select US Equity Portfolio

US GROWTH

Concentrated Growth Fund

Discovery Growth Fund

FlexFee^™ Large Cap Growth Portfolio

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

US VALUE

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/ GLOBAL EQUITY

INTERNATIONAL/ GLOBAL CORE

FlexFee^™ International Strategic Core Portfolio

Global Core Equity Portfolio

International Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Tax-Managed International Portfolio

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

INTERNATIONAL/ GLOBAL GROWTH

Concentrated International Growth Portfolio

FlexFee^™ Emerging Markets Growth Portfolio

INTERNATIONAL/ GLOBAL EQUITY (continued)

Sustainable International Thematic Fund¹

INTERNATIONAL/ GLOBAL VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

FlexFee^™ High Yield Portfolio¹

FlexFee^™ International Bond Portfolio

Global Bond Fund

High Income Fund

Income Fund

Intermediate Bond Portfolio

Limited Duration High Income Portfolio

Short Duration Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

Unconstrained Bond Fund

MULTI-ASSET

All Market Income Portfolio

All Market Total Return Portfolio

Conservative Wealth Strategy

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Tax-Managed All Market Income Portfolio

TARGET-DATE

Multi-Manager Select Retirement Allocation Fund

Multi-Manager Select 2010 Fund

Multi-Manager Select 2015 Fund

Multi-Manager Select 2020 Fund

Multi-Manager Select 2025 Fund

Multi-Manager Select 2030 Fund

Multi-Manager Select 2035 Fund

Multi-Manager Select 2040 Fund

Multi-Manager Select 2045 Fund

Multi-Manager Select 2050 Fund

Multi-Manager Select 2055 Fund

CLOSED-END FUNDS

Alliance California Municipal Income Fund

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

1	Prior to January 8, 2018, Sustainable International Thematic Fund was named International Growth Fund; prior to February 23, 2018, FlexFee High Yield Portfolio was named High Yield Portfolio.


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NOTES


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NOTES


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Privacy Notice

AllianceBernstein and its affiliates (collectively referred to as “AllianceBernstein”, “we”, “our”, and similar pronouns) understand the importance of maintaining the confidentiality and security of our clients’ nonpublic personal information. Nonpublic personal information is personally identifiable financial information about our clients who are natural persons. To provide financial products and services to our clients, we collect nonpublic personal information from a variety of sources, including: (1) information we receive from clients, such as through applications or other forms, which can include a client’s name, address, phone number, social security number, assets, income and other household information, (2) information about client transactions with us, our affiliates and non-affiliated third parties, which can include account balances and transactions history, and (3) information from visitors to our websites provided through online forms, site visitorship data and online information-collecting devices known as “cookies.”

We may disclose all of the nonpublic personal information that we collect about our current and former clients, as described above, to non-affiliated third parties to manage our business and as otherwise required or permitted by law, including those that perform transaction processing or servicing functions, marketing services providers that provide marketing services on our behalf pursuant to a joint marketing agreement, and professional services firms that provide knowledge-based services such as accountants, consultants, lawyers and auditors to help manage client accounts. We require all the third-party providers to adhere to our privacy policy or a functional equivalent.

We may also disclose the nonpublic personal information that we collect about current and former clients, as described above, to our affiliated investment, brokerage, service and insurance companies for the purpose of marketing their products or services to clients under circumstances that are permitted by law, such as if our affiliate has its own relationship with you. We have policies and procedures to ensure that certain conditions are met before an AllianceBernstein affiliated company may use information obtained from another affiliate to solicit clients for marketing purposes.

We will also use nonpublic personal information about our clients for our own internal analysis, analytics, research and development, and to improve and add to our client offerings.

We have policies and procedures designed to safeguard the confidentiality and security of nonpublic personal information about our clients that include restricting access to nonpublic personal information to personnel that have been screened and undergone security and privacy training; to personnel who need it to perform their work functions such as our operations, customer service, account management, finance, quality, vendor management and compliance teams as required to provide services, communicate with you and fulfill our legal obligations.

We employ reasonably designed physical, electronic and procedural safeguards to secure and protect client nonpublic personal information.

If you are in the European Economic Area (“EEA”) or Switzerland, we will comply with applicable legal requirements providing adequate protection for the transfer of personal information to recipients in countries outside of the EEA and Switzerland.

For more information, our Privacy Policy statement can be viewed here: https://www.alliancebernstein.com/abcom/Privacy_Terms/PrivacyPolicy.htm.

LOGO

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

GHI-0152-0918 LOGO

ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant’s code of ethics is filed herewith as Exhibit 12(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors has determined that independent directors Garry L. Moody and William H. Foulk, Jr. qualify as audit committee financial experts.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 6. SCHEDULE OF INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

The following exhibits are attached to this Form N-CSR:


EXHIBIT NO.		DESCRIPTION OF EXHIBIT

12 (b) (1)		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

12 (b) (2)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

12 (c)		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AllianceBernstein Global High Income Fund, Inc.



By:		/s/ Robert M. Keith
		Robert M. Keith
		President

Date: November 26, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:		/s/ Robert M. Keith
		Robert M. Keith
		President

Date: November 26, 2018



By:		/s/ Joseph J. Mantineo
		Joseph J. Mantineo
		Treasurer and Chief Financial Officer

Date: November 26, 2018